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

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

A number of other research analysts have also recently commented on BAK. Bradesco Corretora cut shares of Braskem from an “outperform” rating to an “underperform” rating and set a $1.50 price target on the stock. in a research report on Tuesday, April 21st. Weiss Ratings reiterated 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. Zacks Research upgraded shares of Braskem from a “hold” rating to a “strong-buy” rating in a research report on Monday, April 6th. Finally, Bank of America cut shares of Braskem from a “neutral” rating to an “underperform” rating and set a $2.80 price target on the stock. in a research report on Thursday, March 26th. One investment analyst has rated the stock with a Strong Buy rating, one has given a Buy rating, two have issued a Hold rating and four have assigned a Sell rating to the company’s stock. According to MarketBeat, Braskem has a consensus rating of “Reduce” and an average price target of $3.40.

Braskem Price Performance

Shares of BAK opened at $3.81 on Tuesday. The firm’s 50 day simple moving average is $3.93 and its 200 day simple moving average is $3.40. The company has a market capitalization of $1.52 billion, a P/E ratio of -0.83 and a beta of 1.56. Braskem has a 1-year low of $2.32 and a 1-year high of $5.30.

Braskem (NYSE:BAK) last issued 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 for the quarter. On average, equities analysts anticipate that Braskem will post -2 earnings per share for the current year.

Institutional Inflows and Outflows

Several institutional investors and hedge funds have recently made changes to their positions in BAK. Jump Financial LLC grew its holdings in shares of Braskem by 607.1% in the second quarter. Jump Financial LLC now owns 263,771 shares of the company’s stock worth $865,000 after purchasing an additional 226,467 shares during the last quarter. Jane Street Group LLC grew its holdings in shares of Braskem by 130.3% in the second quarter. Jane Street Group LLC now owns 49,301 shares of the company’s stock worth $162,000 after purchasing an additional 27,891 shares during the last quarter. Ballentine Partners LLC bought a new stake in Braskem in the third quarter valued at $34,000. Van ECK Associates Corp bought a new stake in Braskem in the third quarter valued at $117,000. Finally, UBS Group AG boosted its holdings in Braskem by 2.6% in the third quarter. UBS Group AG now owns 783,445 shares of the company’s stock valued at $1,896,000 after acquiring an additional 19,956 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.