Braskem (NYSE:BAK) Rating Increased to Overweight at JPMorgan Chase & Co.

JPMorgan Chase & Co. upgraded shares of Braskem (NYSE:BAK) from a neutral rating to an overweight rating in a research note published on Tuesday, MarketBeat Ratings reports. JPMorgan Chase & Co. currently has $5.50 target price on the stock.

A number of other equities analysts have also recently weighed in on BAK. Zacks Research raised shares of Braskem from a “hold” rating to a “strong-buy” rating in a research note on Monday, April 6th. Weiss Ratings restated a “sell (e+)” rating on shares of Braskem in a research 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. Bank of America cut 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. Finally, Bradesco Corretora cut Braskem from an “outperform” rating to an “underperform” rating and set a $1.50 price objective for the company. in a report on Tuesday, April 21st. One investment analyst has rated the stock with a Strong Buy rating, one has issued a Buy rating, two have given a Hold rating and four have given a Sell rating to the stock. According to data from MarketBeat, Braskem has an average rating of “Reduce” and an average price target of $3.40.

Braskem Trading Up 26.2%

Shares of BAK opened at $4.80 on Tuesday. The stock’s 50 day moving average is $3.95 and its two-hundred day moving average is $3.42. Braskem has a twelve month low of $2.32 and a twelve month high of $5.30. The firm has a market capitalization of $1.91 billion, a PE ratio of -1.04 and a beta of 1.56.

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 net margin of 14.53% and a negative return on equity of 21.95%. The business had revenue of $2.56 billion during the quarter. On average, sell-side analysts predict that Braskem will post -2 EPS for the current year.

Institutional Investors Weigh In On Braskem

A number of large investors have recently bought and sold shares of BAK. Creative Planning raised its holdings in shares of Braskem by 145.0% in the third quarter. Creative Planning now owns 56,790 shares of the company’s stock worth $137,000 after acquiring an additional 33,614 shares during the last quarter. Van ECK Associates Corp purchased a new stake in Braskem during the 3rd quarter worth about $117,000. Virtu Financial LLC increased its position in Braskem by 28.7% during the 3rd quarter. Virtu Financial LLC now owns 44,587 shares of the company’s stock worth $108,000 after purchasing an additional 9,938 shares in the last quarter. SmartHarvest Portfolios LLC purchased a new position in Braskem in the 4th quarter valued at about $107,000. Finally, Dark Forest Capital Management LP lifted its holdings in Braskem by 94.7% in the 3rd quarter. Dark Forest Capital Management LP now owns 32,127 shares of the company’s stock valued at $78,000 after purchasing an additional 15,630 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.