Jefferies downgrades its opinion on Lanxess from 'hold' to 'underperform' with a price target lowered from 24 to 22 euros, reducing its EBITDA estimates by an average of 4% for the German specialty chemicals group.

'Although the first signs of a recovery in demand represent a positive element in the short term, we believe that the risk surrounding its sustainability would imply that the financial risk would be too high', explains the broker.

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