Shares of Braskem SA, the Brazilian petrochemical company, saw a sharp decline of 5.01% on Monday, closing lower amid an analyst downgrade and price target cut.
According to reports, Scotiabank downgraded Braskem from Outperform to Sector Perform, citing unfavorable metrics for the company. The investment bank also lowered its price target on Braskem's stock from R$28 to R$22, reflecting a more pessimistic outlook.
Analyst downgrades and price target reductions often have a significant impact on investor sentiment and can contribute to stock price declines. Braskem's shares reacted negatively to the news, plummeting during Monday's intraday trading session.
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