Braskem (NYSE:BAK) Upgraded at Zacks Investment Research

Zacks Investment Research upgraded shares of Braskem (NYSE:BAK) from a hold rating to a buy rating in a research report report published on Wednesday, Zacks.com reports. They currently have $20.00 price objective on the stock.

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. “

Several other equities analysts have also weighed in on BAK. Citigroup upped their price objective on shares of Braskem from $25.00 to $68.00 and gave the company a neutral rating in a report on Tuesday, November 2nd. TheStreet upgraded shares of Braskem from a c- rating to a b- rating in a report on Friday, August 13th. Bank of America started coverage on shares of Braskem in a report on Tuesday, September 21st. They set a buy rating and a $32.00 price objective on the stock. Finally, UBS Group upgraded shares of Braskem from a neutral rating to a buy rating in a report on Tuesday, September 14th. Three equities research analysts have rated the stock with a hold rating and four have issued a buy rating to the company. According to MarketBeat, the company presently has an average rating of Buy and a consensus target price of $30.80.

BAK stock opened at $18.20 on Wednesday. The firm has a market cap of $7.25 billion, a price-to-earnings ratio of 2.69, a PEG ratio of 0.18 and a beta of 1.66. The company has a quick ratio of 0.89, a current ratio of 1.33 and a debt-to-equity ratio of 0.73. Braskem has a 12-month low of $8.28 and a 12-month high of $26.93. The company’s fifty day simple moving average is $20.24 and its 200 day simple moving average is $21.70.

A number of hedge funds have recently modified their holdings of the business. JPMorgan Chase & Co. grew its position in Braskem by 134.6% in the 2nd quarter. JPMorgan Chase & Co. now owns 213,302 shares of the company’s stock worth $5,085,000 after purchasing an additional 122,367 shares in the last quarter. Renaissance Technologies LLC grew its position in Braskem by 43.9% in the 3rd quarter. Renaissance Technologies LLC now owns 121,000 shares of the company’s stock worth $2,641,000 after purchasing an additional 36,900 shares in the last quarter. Millennium Management LLC grew its position in Braskem by 17.8% in the 1st quarter. Millennium Management LLC now owns 113,071 shares of the company’s stock worth $1,608,000 after purchasing an additional 17,069 shares in the last quarter. Todd Asset Management LLC bought a new stake in Braskem in the 3rd quarter worth about $2,128,000. Finally, Teachers Retirement System of The State of Kentucky bought a new stake in Braskem in the 3rd quarter worth about $2,128,000.

Braskem Company Profile

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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