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COVTY - BASF Covestro cut at Berenberg amid 'electric shock for chemicals industry'
Covestro AG ADR
BASF (OTCQX:BASFY+1.1%) is downgraded to Hold from Buy with a €66 price target, cut from €77, at Berenberg as cracker margins dropping to decade lows and Tesla's recent stock rally lead to an "unavoidable conclusion" that market consensus for 2025 global electric vehicle penetration of ~12% is too low.
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