Braskem (NYSE:BAK) Receives New Coverage from Analysts at Bank of America

Bank of America began coverage on shares of Braskem (NYSE:BAK) in a research report report published on Tuesday, The Fly reports. The brokerage issued a buy rating and a $32.00 price objective on the stock.

BAK has been the topic of a number of other reports. UBS Group raised Braskem from a neutral rating to a buy rating in a report on Tuesday, September 14th. Zacks Investment Research raised Braskem from a hold rating to a buy rating and set a $27.00 price objective on the stock in a report on Friday, July 23rd. Finally, TheStreet raised Braskem from a c- rating to a b- rating in a report on Friday, August 13th. Three research analysts have rated the stock with a hold rating and four have assigned a buy rating to the stock. According to MarketBeat, Braskem has a consensus rating of Buy and an average price target of $23.25.

BAK stock opened at $22.19 on Tuesday. The company has a current ratio of 1.26, a quick ratio of 0.85 and a debt-to-equity ratio of 5.44. The firm has a market capitalization of $8.85 billion, a PE ratio of 5.04 and a beta of 1.66. Braskem has a 1-year low of $7.00 and a 1-year high of $26.93. The business’s 50 day simple moving average is $23.42 and its 200 day simple moving average is $20.41.

Braskem (NYSE:BAK) last posted its earnings results on Tuesday, August 3rd. The company reported $3.52 earnings per share for the quarter, topping analysts’ consensus estimates of $2.22 by $1.30. Braskem had a negative return on equity of 811.92% and a net margin of 11.24%. As a group, sell-side analysts predict that Braskem will post 6.58 EPS for the current fiscal year.

Several institutional investors and hedge funds have recently added to or reduced their stakes in BAK. Natixis Advisors L.P. acquired a new stake in shares of Braskem during the 1st quarter worth $200,000. BlackRock Inc. acquired a new stake in shares of Braskem during the 1st quarter worth $32,000. Acadian Asset Management LLC acquired a new stake in shares of Braskem during the 1st quarter worth $1,264,000. UBS Group AG grew its holdings in shares of Braskem by 225.7% during the 1st quarter. UBS Group AG now owns 4,654 shares of the company’s stock worth $66,000 after purchasing an additional 3,225 shares in the last quarter. Finally, JPMorgan Chase & Co. grew its holdings in shares of Braskem by 588.3% during the 1st quarter. JPMorgan Chase & Co. now owns 90,935 shares of the company’s stock worth $1,293,000 after purchasing an additional 77,724 shares in the last quarter.

About Braskem

Braskem SA engages in the manufacture of petrochemicals and other related products. It operates through the following segments: Brazil, USA, and Europe and Mexico. The Brazil segment includes production and sale of chemicals, supply of electricity, and production and sale of PE. The USA and Europe segment involves production, operation, and sale of polypropylene in the United States and Germany.

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Analyst Recommendations for Braskem (NYSE:BAK)

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