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Industry slowdown affects Azoty Chemicals, Stock downgraded to Sell from Hold

Chemicals group Azoty was downgraded to 'sell' from 'hold' with target price cut to PLN 55 from PLN 74.18 by DM PKO BP brokerage in a report dated June 7.

Conditions for the fertilizer sector remain unfavorable due to low grains prices, oversupply and gas prices increase y/y, the analysts said.

"Strong plastics and chemical segments as well as opex discipline will significantly compensate weak results of the fertilizer segment but their support is not big enough to secure fundamental potential for a share price growth, given our average EBITDA forecast for years 2017-2019 at PLN 1.24 bln," the report reads.

Azoty was trading at PLN 67.75 when the report was issued. On Tuesday the shares closed at PLN 68.95.


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