Barclays upgrades Victrex, downgrades Synthomer
Victrex plc
831.00p
16:40 13/11/24
-0.95%
-8.00p
Barclays upgraded Victrex on Thursday and downgraded Synthomer as it took a look at European chemical stocks.
Chemicals
7,302.81
17:14 13/11/24
-0.87%
-63.75
FTSE 250
20,359.21
17:14 13/11/24
n/a
n/a
FTSE 350
4,434.70
17:14 13/11/24
n/a
n/a
FTSE All-Share
4,392.88
16:44 13/11/24
n/a
n/a
Synthomer
168.60p
16:34 13/11/24
-4.20%
-7.40p
Victrex was upgraded to ‘overweight’ from ‘equalweight’ and the price target was lifted to 2,200p from 2,060p.
Synthomer was downgraded to ‘equalweight’ from ‘overweight’ and the price target cut to 323p from 420p.
Barclays said Victrex should have outperformed other cyclical chemical stocks this year given its relative resilience in a recession, but instead it has materially underperformed.
Meanwhile, it noted that Synthomer is "one of the more vulnerable stocks" and said it was downgrading despite the recent re-rating.