MADRID (MarketWatch) -- HSBC
on Thursday downgraded several European chemical companies, citing valuation. "Following a rally of more than 25% in the sector since early October, we believe the risk is now to the downside as earings still have further to fall," the analysts said in a note to investors. Clariant
AG was cut to underweight from neutral, BASF
AG , Lanxess
AG and Linde AG were cut to neutral from overweight and Givaudan SA and Umicore SA were cut to underweight from neutral.Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
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