BASF Stock: Shares Surge Amid Chemical Sector Recovery

BASF shares demonstrated remarkable momentum on Thursday, climbing more than 7% to close at €48.35 on the Frankfurt Stock Exchange. This significant upward movement was primarily driven by optimistic market sentiment surrounding the chemical sector's anticipated recovery. The company's strong performance was further substantiated by its latest quarterly results, which showed a notable improvement with earnings per share of €0.32, marking a substantial recovery from the previous year's loss of €1.78 per share. Despite a slight decline in revenue to €15.74 billion, the overall market response remained overwhelmingly positive, supported by robust trading volume exceeding 3.4 million shares.

Analyst Outlook Fuels Optimism

Market analysts maintain a bullish stance on BASF's future prospects, setting an average price target of €53.84, suggesting considerable upward potential from current levels. Projections for 2024 indicate expected earnings per share of €3.42, while dividend policies remain shareholder-friendly despite an anticipated adjustment to €2.36 per share, down from the previous year's €3.40.