Braskem (NYSE:BAK) Trading 8.7% Higher on Analyst Upgrade

Shares of Braskem S.A. (NYSE:BAK) were up 8.7% during mid-day trading on Wednesday after JPMorgan Chase & Co. upgraded the stock from a neutral rating to an overweight rating. JPMorgan Chase & Co. now has a $5.50 price target on the stock. Braskem traded as high as $5.04 and last traded at $5.2070. Approximately 439,976 shares changed hands during trading, a decline of 82% from the average daily volume of 2,415,603 shares. The stock had previously closed at $4.79.

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

Hedge Funds Weigh In On Braskem

Hedge funds and other institutional investors have recently bought and sold shares of the stock. Private Advisor Group LLC bought a new position in shares of Braskem in the 1st quarter worth $157,000. SmartHarvest Portfolios LLC raised its position in Braskem by 49.7% during the first quarter. SmartHarvest Portfolios LLC now owns 54,466 shares of the company’s stock valued at $199,000 after purchasing an additional 18,085 shares in the last quarter. Millennium Management LLC purchased a new stake in Braskem during the fourth quarter valued at about $112,000. Schonfeld Strategic Advisors LLC bought a new stake in Braskem during the fourth quarter worth about $232,000. Finally, Squarepoint Ops LLC bought a new position in shares of Braskem during the 4th quarter valued at about $79,000.

Braskem Trading Up 8.7%

The company has a market capitalization of $2.07 billion, a PE ratio of -1.11 and a beta of 1.56. The stock has a fifty day moving average of $3.95 and a two-hundred day moving average of $3.42.

Braskem (NYSE:BAK) last posted its quarterly earnings results on Saturday, February 14th. The company reported ($2.33) EPS for the quarter. Braskem had a negative return on equity of 21.95% and a negative net margin of 14.53%.The business had revenue of $2.56 billion for the quarter. Equities analysts forecast that Braskem S.A. will post -2 EPS for the current year.

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.