Braskem S.A. (NYSE:BAK) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a research report issued on Wednesday, October 18th. The firm presently has a $34.00 price target on the energy company’s stock. Zacks Investment Research‘s price target suggests a potential upside of 16.00% from the company’s previous close.
According to Zacks, “Braskem SA figures as the largest petrochemical operation in Latin America and among the five largest private companies in Brazil. With industrial facilities located in Alagoas, Bahia, São Paulo and Rio Grande do Sul, Braskem produces primary base petrochemicals such as ethylene, propylene, benzene, caprolactam, DMT and termoplastic resins (polypropylene, polyethylene, PVC and PET) gas and GLP. “
A number of other brokerages have also weighed in on BAK. BidaskClub upgraded Braskem from a “hold” rating to a “buy” rating in a research note on Thursday, July 6th. Morgan Stanley upgraded Braskem from an “equal weight” rating to an “overweight” rating in a research report on Monday, July 17th. One equities research analyst has rated the stock with a hold rating, three have assigned a buy rating and two have given a strong buy rating to the stock. The stock has an average rating of “Buy” and a consensus target price of $28.00.
Braskem (NYSE BAK) traded up 1.77% during midday trading on Wednesday, reaching $29.31. The company had a trading volume of 331,339 shares. Braskem has a 12 month low of $15.26 and a 12 month high of $29.94. The firm’s 50-day moving average price is $27.91 and its 200 day moving average price is $23.55. The firm has a market capitalization of $11.67 billion, a PE ratio of 29.61 and a beta of 1.13.
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Several institutional investors and hedge funds have recently modified their holdings of BAK. Comerica Bank grew its position in shares of Braskem by 1.5% in the 1st quarter. Comerica Bank now owns 9,889 shares of the energy company’s stock worth $211,000 after acquiring an additional 147 shares in the last quarter. Parametric Portfolio Associates LLC grew its position in shares of Braskem by 146.8% in the 1st quarter. Parametric Portfolio Associates LLC now owns 122,590 shares of the energy company’s stock worth $2,495,000 after acquiring an additional 72,925 shares in the last quarter. Envestnet Asset Management Inc. grew its position in shares of Braskem by 0.9% in the 1st quarter. Envestnet Asset Management Inc. now owns 16,065 shares of the energy company’s stock worth $326,000 after acquiring an additional 139 shares in the last quarter. UBS Group AG grew its position in shares of Braskem by 5.2% in the 1st quarter. UBS Group AG now owns 6,010 shares of the energy company’s stock worth $122,000 after acquiring an additional 297 shares in the last quarter. Finally, Morgan Stanley grew its position in shares of Braskem by 19.0% in the 1st quarter. Morgan Stanley now owns 163,679 shares of the energy company’s stock worth $3,330,000 after acquiring an additional 26,088 shares in the last quarter. Institutional investors own 0.66% of the company’s stock.
Braskem SA produces thermoplastic resins. The Company’s segments are Basic petrochemicals, Polyolefins, Vinyls, the United States and Europe, and Chemical distribution. It is also engaged in the import and export of chemicals, petrochemicals and fuels, the production, supply and sale of utilities such as steam, water, compressed air, industrial gases, the provision of industrial services, and the production, supply and sale of electric energy.
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