Braskem (NYSE:BAK) Lowered to "Neutral" Rating by UBS Group

Key Points

• UBS Group has downgraded Braskem (NYSE:BAK) from a "buy" rating to a "neutral" rating, with a reduced price target of $3.80, down from $5.10.
• JPMorgan Chase also lowered their price objective for Braskem shares to $5.00, maintaining a "neutral" rating.
• Despite the downgrades, Braskem surpassed earnings estimates, reporting a quarterly EPS of ($0.14) against a consensus estimate of (0.70).

Braskem (NYSE:BAK - Get Free Report) was downgraded by investment analysts at UBS Group from a "buy" rating to a "neutral" rating in a research report issued on Friday, MarketBeat.com reports. They currently have a $3.80 price target on the stock, down from their prior price target of $5.10. UBS Group's target price suggests a potential upside of 23.98% from the stock's current price.

BAK has been the topic of a number of other research reports. JPMorgan Chase & Co. cut their price objective on shares of Braskem from $6.00 to $5.00 and set a "neutral" rating on the stock in a research note on Wednesday, August 27th. Zacks Research raised shares of Braskem from a "hold" rating to a "strong-buy" rating in a report on Monday, September 1st. One research analyst has rated the stock with a Strong Buy rating and three have issued a Hold rating to the company. According to data from MarketBeat.com, the company currently has a consensus rating of "Moderate Buy" and an average price target of $4.40.

Braskem Price Performance

NYSE:BAK opened at $3.07 on Friday. The firm has a market capitalization of $1.22 billion, a P/E ratio of -1.21 and a beta of 1.81. Braskem has a 1-year low of $2.80 and a 1-year high of $7.71. The company's fifty day moving average price is $3.20 and its 200-day moving average price is $3.48.

Braskem (NYSE:BAK - Get Free Report) last released its quarterly earnings data on Thursday, August 7th. The company reported ($0.14) earnings per share for the quarter, topping analysts' consensus estimates of ($0.70) by $0.56. The business had revenue of $3.38 billion during the quarter, compared to analyst estimates of $18.76 billion. Equities analysts anticipate that Braskem will post -0.77 EPS for the current fiscal year.

Institutional Trading of Braskem

Several institutional investors have recently modified their holdings of BAK. Bank of America Corp DE grew its position in shares of Braskem by 431.0% in the fourth quarter. Bank of America Corp DE now owns 134,824 shares of the company's stock valued at $520,000 after purchasing an additional 109,433 shares during the period. Squarepoint Ops LLC acquired a new stake in shares of Braskem in the fourth quarter valued at about $164,000. GAMMA Investing LLC grew its position in shares of Braskem by 654.9% in the first quarter. GAMMA Investing LLC now owns 19,824 shares of the company's stock valued at $76,000 after purchasing an additional 17,198 shares during the period. Ballentine Partners LLC acquired a new stake in shares of Braskem in the first quarter valued at about $58,000. Finally, Kapitalo Investimentos Ltda grew its position in shares of Braskem by 1,136,346.5% in the first quarter. Kapitalo Investimentos Ltda now owns 1,466,016 shares of the company's stock valued at $5,644,000 after purchasing an additional 1,465,887 shares during the period.

Braskem Company Profile

Braskem SA, together with its subsidiaries, produces and sells thermoplastic resins. The company operates through three segments: Brazil, United States and Europe, and Mexico. The Brazil segment produces and sells olefins, including ethylene, polymer and chemical grade propylene, butadiene, and butene-1; benzene, toluene, and xylenes products; fuels, such as automotive gasoline, liquefied petroleum gas, ethyl tertiary-butyl ether, and methyl tertiary-butyl ether; intermediates, such as cumene; aliphatics, aromatics, and hydrogenated solvents; and specialties comprising isoprene, dicyclopentadiene, piperylene, nonene, tetramer, polyisobutylene, and hydrocarbon resins.

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