Berenberg ups BASF on potential EU-level support

BASF SE

17/02/2026 12:26

** Berenberg upgrades BASF BASFn.DE to "hold" from "sell", saying the German chemicals giant could benefit from potential political support on the European level

** The effectiveness of the chemical sector's EU lobbying has clearly improved, the broker says, citing EU trade measures directed at Chinese chemical imports, such as an end to VAT rebates and anti-dumping determinations

** It also points to potential changes to the EU's carbon market, as suggested by German Chancellor Friedrich Merz

** The broker estimates implicit savings in the range of 300 million to 400 million euros ($355 million to $473 million) at 100 euros per tonne, if the EU keeps BASF’s free carbon allowances in the 2030s

** Out of 27 analysts that cover BASF, 12 rate the stock "strong buy" or "buy", eight "hold" and seven "sell" - LSEG data

($1 = 0.8450 euros)

(Reporting by Simon Ferdinand Eibach)

((Simonferdinand.eibach@thomsonreuters.com))