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UBS upgraded its share rating for German LANXESS

September 06/2011

(ICIS) -- UBS upgraded its share rating for Germany-based chemicals group LANXESS to neutral from sell, based on expectations that demand for high-performance tyres will grow, the investment bank said on Tuesday. We believe high-performance-efficiency tyre take-up will gather momentum from next year, driven by EU labelling, Switzerland-based UBS said.


In August LANXESS said that it expects the US, China and Brazil to introduce regulations on tyre labelling within the next two to three years that will boost the earnings of high-performance synthetic-rubber producers.


UBS said that the price of butadiene, which strongly correlates to the earnings before interest, tax, depreciation and amortisation (EBITDA) of LANXESS Performance Polymers division, is likely to remain high because of tight supply driven by low levels of additional naphtha capacity.


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