Braskem S.A. (NYSE:BAK) was upgraded by Zacks Investment Research from a “hold” rating to a “strong-buy” rating in a note issued to investors on Wednesday. The firm currently has a $34.00 price target on the energy company’s stock. Zacks Investment Research‘s price target points to a potential upside of 16.36% from the stock’s previous close.

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. “

BAK has been the topic of several other research reports. BidaskClub downgraded shares of Braskem from a “strong-buy” rating to a “buy” rating in a research note on Thursday, July 27th. Morgan Stanley raised shares of Braskem from an “equal weight” rating to an “overweight” rating in a research note on Monday, July 17th. One analyst has rated the stock with a hold rating, three have given a buy rating and two have issued a strong buy rating to the company’s stock. The company has an average rating of “Buy” and an average price target of $28.00.

Braskem (NYSE BAK) traded up 0.03% on Wednesday, reaching $29.22. 345,203 shares of the company’s stock were exchanged. The firm has a 50 day moving average of $26.78 and a 200-day moving average of $22.98. Braskem has a 12-month low of $15.26 and a 12-month high of $29.65. The company has a market cap of $11.63 billion, a P/E ratio of 29.52 and a beta of 1.13.

COPYRIGHT VIOLATION NOTICE: “Braskem S.A. (BAK) Upgraded to “Strong-Buy” by Zacks Investment Research” was published by American Banking News and is the sole property of of American Banking News. If you are viewing this piece of content on another site, it was illegally stolen and reposted in violation of U.S. and international copyright and trademark law. The legal version of this piece of content can be viewed at https://www.americanbankingnews.com/2017/10/18/braskem-s-a-bak-upgraded-to-strong-buy-by-zacks-investment-research.html.

A number of large investors have recently bought and sold shares of BAK. Acadian Asset Management raised its stake in Braskem by 33.0% during the fourth quarter. Acadian Asset Management now owns 344,849 shares of the energy company’s stock worth $4,670,000 after purchasing an additional 85,604 shares during the period. Hanseatic Management Services Inc. purchased a new position in Braskem during the fourth quarter worth approximately $677,000. Numeric Investors LLC raised its stake in Braskem by 416.7% during the fourth quarter. Numeric Investors LLC now owns 224,266 shares of the energy company’s stock worth $3,037,000 after purchasing an additional 180,866 shares during the period. Morgan Stanley raised its stake in Braskem by 83.4% during the fourth quarter. Morgan Stanley now owns 1,344,284 shares of the energy company’s stock worth $18,201,000 after purchasing an additional 611,328 shares during the period. Finally, Two Sigma Investments LLC purchased a new position in Braskem during the fourth quarter worth approximately $3,063,000. 0.66% of the stock is currently owned by institutional investors.

Braskem Company Profile

Braskem SA produces thermoplastic resins. The Company’s segments are Basic petrochemicals, Polyolefins, Vinyls, the United States and Europe, and Chemical distribution. It is also engaged in the import and export of chemicals, petrochemicals and fuels, the production, supply and sale of utilities such as steam, water, compressed air, industrial gases, the provision of industrial services, and the production, supply and sale of electric energy.

Get a free copy of the Zacks research report on Braskem (BAK)

For more information about research offerings from Zacks Investment Research, visit Zacks.com

Receive News & Ratings for Braskem S.A. Daily - Enter your email address below to receive a concise daily summary of the latest news and analysts' ratings for Braskem S.A. and related companies with MarketBeat.com's FREE daily email newsletter.