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HSBC Reiterates "Hold" Rating for Braskem (NYSE:BAK)

Last updated on Wednesday, April 28, 2021 | 2021 MarketBeat

Braskem (NYSE:BAK)'s stock had its "hold" rating restated by HSBC in a note issued to investors on Wednesday, Benzinga reports. They currently have a $20.00 price target on the stock. HSBC's price objective indicates a potential downside of 2.06% from the company's previous close.

BAK has been the subject of a number of other reports. JPMorgan Chase & Co. upgraded shares of Braskem from a "neutral" rating to an "overweight" rating and set a $14.00 price objective for the company in a research note on Wednesday, February 24th. Scotiabank downgraded shares of Braskem from an "outperform" rating to a "sector perform" rating in a report on Friday, March 12th. Finally, Zacks Investment Research downgraded shares of Braskem from a "buy" rating to a "hold" rating in a research note on Tuesday. Four investment analysts have rated the stock with a hold rating and two have assigned a buy rating to the company's stock. Braskem currently has a consensus rating of "Hold" and a consensus target price of $18.67.

Shares of NYSE BAK opened at $20.42 on Wednesday. Braskem has a fifty-two week low of $6.74 and a fifty-two week high of $21.01. The stock has a market cap of $8.14 billion, a price-to-earnings ratio of -3.60 and a beta of 1.36. The firm's 50-day simple moving average is $14.93 and its 200 day simple moving average is $10.71.

Braskem (NYSE:BAK) last posted its earnings results on Friday, March 12th. The company reported $0.39 EPS for the quarter, missing the Thomson Reuters' consensus estimate of $1.39 by ($1.00). The firm had revenue of $3.47 billion for the quarter, compared to the consensus estimate of $3.13 billion. Braskem had a negative return on equity of 962.43% and a negative net margin of 20.56%. As a group, equities analysts predict that Braskem will post -3.53 EPS for the current fiscal year.

Several hedge funds and other institutional investors have recently made changes to their positions in the company. Norges Bank purchased a new stake in shares of Braskem in the fourth quarter worth $1,802,000. JPMorgan Chase & Co. purchased a new position in Braskem during the fourth quarter valued at $119,000. Credit Agricole S A grew its stake in Braskem by 33.3% during the fourth quarter. Credit Agricole S A now owns 8,000 shares of the company's stock valued at $72,000 after acquiring an additional 2,000 shares in the last quarter. Trexquant Investment LP purchased a new position in shares of Braskem in the 4th quarter worth $222,000. Finally, Renaissance Technologies LLC purchased a new position in shares of Braskem in the 4th quarter worth $2,281,000. 0.46% of the stock is owned by hedge funds and other institutional investors.

Braskem Company Profile

Braskem SA, together with its subsidiaries, produces and sells thermoplastic resins. It operates through five segments: Chemicals, Polyolefins, Vinyls, United States and Europe, and Mexico. The Chemicals segment produces and sells ethylene, propylene butadiene, toluene, xylene, cumene, and benzene, as well as gasoline, diesel and liquefied petroleum gas, and other petroleum derivatives; and supplies electric energy, steam, compressed air, and other inputs to second-generation producers.

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