FRANKFURT (dpa-AFX) - Shares in Evonik recovered on Wednesday morning, rising by up to 2.5 percent to climb back above their 50-day moving average. The stock was buoyed by positive comments from Citigroup analyst Sebastian Satz, who placed the chemical group's shares on "Catalyst Watch."
Following the price declines since the onset of the conflict involving Iran, the valuation has dropped to "distress levels," Satz wrote. He noted that the shares are among the cheapest by any measure, while earnings trends have likely bottomed out. Consequently, they stand to benefit enormously from any de-escalation in the Middle East.
Evonik shares remain moderately in positive territory for 2024, having previously gained over 21 percent at their year-to-date high in mid-February./ag/stk
