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BASF will return lower-than-expected profits in 2011

August 04/2011

(ICIS) -- Petrochemicals giant BASF will return lower-than-expected profits in 2011 but remains undervalued on the German bourse, analysts at US-based Bernstein Research said on Wednesday.
BASFs earnings per share (EPS) will be an estimated EUR 6.57 (USD 9.39) in 2011, the Bernstein analysts said, down from the EUR 7.13 they forecast earlier in 2011. They also cut their target share price for BASF by 3.9%, from EUR 77 to EUR 74.

The lower outlook for the company comes after a second quarter in which the company failed to meet analysts expectations, pushing its share price down 5%.

However, Bernstein believes that the company remains significantly undervalued, and their target share price is well above the EUR 59.76 seen in trading on Germanys DAX on 3 August. Bernsteins earnings forecast remains as much as 10% above other analysts, the research company said, giving BASFs shares an Outperform rating.

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