Berenberg Expects 'Solid' Q4 Trading from BASF; CEO Focused on Evonik Deal

10:49 AM EST, 11/10/2026 (MT Newswires) -- Berenberg expects BASF's (BAS.F) trading to be "solid" in the fourth quarter, although there is some uncertainty about the company matching its 2026 profits in upstream chemicals in 2027. "We had the impression that near-term trading is robust, but there is some uncertainty on matching the high level of Iran-conflict-induced upstream chemicals profitability in 2027. The Agricultural Solutions unit has admittedly faced headwinds owing to the input-cost-led-squeeze on farmer incomes, but the group is confident of compensating for this in Q4," the research firm said Tuesday after hosting a New York roadshow with the German chemicals company's chief executive officer, Markus Kamieth. "On acquisitions, the CEO's main focus is to convince shareholders on both sides of the merits of a tie-up with Evonik [EVK.F], although it is not ready to give an explicit timeline. In short, we expect Evonik deal speculation to continue for a few more months without a near-term resolution." Analysts also noted that Kamieth is prioritizing achieving "strategic coherence" across BASF's core segments rather than simplifying the portfolio, highlighting the CEO's willingness to be patient regarding the company's takeover approach for Evonik. The hold rating on BASF's stock was left unchanged, along with the price target of 51.50 euros.