The analyst believes that 'increased demand remains necessary to meet targets'. It confirms its neutral recommendation on the stock, but lowers its price target to E24 (from E28), which still represents a 6% upside potential.

'Our estimate for Q2 EBITDA is 3% below consensus, but we believe there is little chance that guidance for FY 2024 will be revised downwards at this stage', says UBS in its note today.

' For fiscal 2024 as a whole, Lanxess expects EBITDA before exceptional items to be slightly higher than in 2023. However, earnings will remain well below the average level of previous years', said Matthias Zachert, Lanxess CEO.

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