Brenntag downgraded to Neutral from Buy at UBS

UBS downgraded Brenntag (BNTGY) to Neutral from Buy with a price target of EUR 60, down from EUR 80. The firm hoped Brenntag’s plans to move towards a full divisional separation outlined in December 2023 could unlock upside, but says the company’s profit performance “has been disappointing and these plans now look unlikely to be fully realized.”