Stifel reaffirms its 'buy' recommendation on Arkema, while reducing its price target from €114 to €112, explaining that 'its capital expenditure assumption was too low, resulting in lower free cash flow'.

The EBITDA outlook for the first quarter of 2024 was weak, but the underlying demand dynamic argues for a firm improvement in results over the course of 2024', the broker believes in its note on the French chemical company.

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