BidaskClub lowered shares of Braskem S.A. (NYSE:BAK) from a strong-buy rating to a buy rating in a research report report published on Thursday morning.

Several other research analysts have also commented on the company. Zacks Investment Research upgraded Braskem from a hold rating to a strong-buy rating and set a $24.00 price target on the stock in a report on Friday, June 30th. Morgan Stanley upgraded Braskem from an equal weight rating to an overweight rating in a report on Monday, July 17th. Finally, ValuEngine upgraded Braskem from a buy rating to a strong-buy rating in a report on Friday, June 2nd. Five investment analysts have rated the stock with a buy rating and two have issued a strong buy rating to the company. Braskem has an average rating of Buy and an average price target of $21.33.

Shares of Braskem (NYSE:BAK) opened at 24.15 on Thursday. Braskem has a 52 week low of $11.05 and a 52 week high of $25.65. The stock has a 50 day moving average of $21.59 and a 200 day moving average of $21.09.

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Hedge funds have recently modified their holdings of the stock. Daiwa Securities Group Inc. raised its stake in shares of Braskem by 29.5% in the second quarter. Daiwa Securities Group Inc. now owns 52,200 shares of the energy company’s stock valued at $1,082,000 after buying an additional 11,900 shares during the period. Goldman Sachs Group Inc. raised its stake in shares of Braskem by 173.6% in the first quarter. Goldman Sachs Group Inc. now owns 1,003,223 shares of the energy company’s stock valued at $20,415,000 after buying an additional 636,561 shares during the period. Credit Suisse AG raised its stake in shares of Braskem by 16.0% in the first quarter. Credit Suisse AG now owns 417,970 shares of the energy company’s stock valued at $8,506,000 after buying an additional 57,767 shares during the period. Bank of America Corp DE raised its stake in shares of Braskem by 15.2% in the first quarter. Bank of America Corp DE now owns 362,984 shares of the energy company’s stock valued at $7,387,000 after buying an additional 47,761 shares during the period. Finally, Renaissance Technologies LLC raised its stake in shares of Braskem by 25.2% in the first quarter. Renaissance Technologies LLC now owns 3,262,800 shares of the energy company’s stock valued at $66,398,000 after buying an additional 657,400 shares during the period. Hedge funds and other institutional investors own 0.95% of the company’s stock.

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.

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