On Friday, Deutsche Bank raised its target price for Solvay shares from 29 to 31 euros in anticipation of the chemical group's first-quarter results, due to be published on May 7.

The research firm - which is maintaining its "buy" recommendation on the share - explains that it has significantly revised upwards its Ebitda forecast for the first three months of the year.

It now anticipates current operating income of 241 million euros, down by around 32%, a figure slightly higher than the consensus figure of 238 million euros.

Pointing out that price cuts are now partly offset by higher volumes, the analyst expects Solvay to maintain its Ebitda target of between €925 million and €1.04 billion for this year.

Finally, Deutsche points out that the stock is currently trading on the basis of an Enterprise Value/Ebitda ratio of 6.1x and an "attractive" FCF yield of 9%.

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