Braskem (NYSE:BAK) Upgraded at JPMorgan Chase & Co.

Braskem (NYSE:BAK) was upgraded by stock analysts at JPMorgan Chase & Co. from a “neutral” rating to an “overweight” rating in a research note issued on Tuesday, MarketBeat.com reports. The brokerage presently has a $5.50 target price on the stock. JPMorgan Chase & Co.‘s price target indicates a potential upside of 44.55% from the company’s current price.

BAK has been the topic of a number of other reports. Bradesco Corretora downgraded shares of Braskem from an “outperform” rating to an “underperform” rating and set a $1.50 price target on the stock. in a report on Tuesday, April 21st. Zacks Research raised shares of Braskem from a “hold” rating to a “strong-buy” rating in a report on Monday, April 6th. Bank of America downgraded shares of Braskem from a “neutral” rating to an “underperform” rating and set a $2.80 price target on the stock. in a report on Thursday, March 26th. Citigroup raised shares of Braskem from a “strong sell” rating to a “hold” rating in a report on Wednesday, April 1st. Finally, Weiss Ratings reissued a “sell (e+)” rating on shares of Braskem in a report on Monday, April 20th. One equities research analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, two have issued a Hold rating and four have issued a Sell rating to the company. According to MarketBeat, the stock currently has a consensus rating of “Reduce” and an average target price of $3.40.

Braskem Stock Up 3.1%

NYSE BAK opened at $3.81 on Tuesday. The company has a market cap of $1.52 billion, a PE ratio of -0.83 and a beta of 1.56. Braskem has a 52 week low of $2.32 and a 52 week high of $5.30. The firm’s 50-day simple moving average is $3.93 and its two-hundred day simple moving average is $3.40.

Braskem (NYSE:BAK) last released its quarterly earnings data on Saturday, February 14th. The company reported ($2.33) EPS for the quarter. The business had revenue of $2.56 billion for the quarter. Braskem had a negative net margin of 14.53% and a negative return on equity of 21.95%. As a group, equities research analysts anticipate that Braskem will post -2 EPS for the current year.

Institutional Investors Weigh In On Braskem

A number of institutional investors and hedge funds have recently bought and sold shares of BAK. Renaissance Technologies LLC raised its stake in Braskem by 619.5% in the fourth quarter. Renaissance Technologies LLC now owns 265,488 shares of the company’s stock valued at $783,000 after purchasing an additional 228,588 shares in the last quarter. Jump Financial LLC raised its stake in Braskem by 607.1% in the second quarter. Jump Financial LLC now owns 263,771 shares of the company’s stock valued at $865,000 after purchasing an additional 226,467 shares in the last quarter. Marshall Wace LLP purchased a new stake in Braskem in the fourth quarter valued at approximately $477,000. Jane Street Group LLC raised its stake in Braskem by 193.6% in the fourth quarter. Jane Street Group LLC now owns 220,898 shares of the company’s stock valued at $652,000 after purchasing an additional 145,655 shares in the last quarter. Finally, X Square Capital LLC raised its stake in Braskem by 117.6% in the fourth quarter. X Square Capital LLC now owns 185,000 shares of the company’s stock valued at $546,000 after purchasing an additional 100,000 shares in the last quarter.

About Braskem

Braskem (NYSE:BAK) is a leading integrated petrochemical company based in São Paulo, Brazil, and holds the distinction of being the largest thermoplastic resins producer in Latin America. The company operates across the entire value chain, from feedstock sourcing and polymer production to distribution and recycling. Braskem’s comprehensive approach to petrochemical manufacturing enables it to serve a diverse set of end markets with a broad portfolio of products.

Braskem’s core product lines include polypropylene, polyethylene and polyvinyl chloride (PVC), which are used in industries such as packaging, automotive, construction and electrical & electronics.