FRANKFURT (dpa-AFX Broker) - Investment bank Stifel downgraded Covestro from "hold" to "sell" and left its price target at 34 euros after the recent share price rally due to weakening gas prices. The risk of disappointment on the earnings side has now increased, analyst Andreas Heine wrote in a study on the European chemicals sector published on Friday. However, from a general perspective, he expects a turnaround in sentiment for the sector. The first quarter of the new year should see the bottom fall out, and easing electricity and gas costs should help. He said this would lead to relief in costs at Covestro, but it remains to be seen whether selling prices can hold steady as many customers continue to clear their inventories./ck/mis

Publication of the original study: 13.01.2023 / 01:38 / EST

First disclosure of the original study: 13.01.2023 / 01:38 / EST

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