On Tuesday, HSBC reiterated its 'hold' recommendation on BASF shares, with an upwardly revised target price of 44 euros, compared with 42 euros previously.

In a research note, the intermediary explains that the improvement in business volumes - even compared with depressed levels - has helped to improve market sentiment, despite results that are still at half-mast and targets that appear quite ambitious.

However, the analyst believes that the arrival of a new CEO in April could give fresh strategic impetus to the German chemicals group, whose share price seems to have bottomed out in view of the prospect of a generous dividend, representing a 7% yield, in April.

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