Berenberg downgraded Lanxess (LNXSF) to Hold from Buy with an unchanged price target of EUR 31. The shares have rallied too much on the back of a pre-released Q4 beat, the prospect of peace in Ukraine bringing lower energy prices, and a relatively positive German election result, the analyst tells investors in a research note. In light of the uncertain industrial demand outlook for 2025, still elevated gas prices and the lack of clarity on the outcome of a potential Ukraine peace deal for gas prices, the firm downgraded the shares.
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