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Linde, DSM Most Favored Into 2014; Solvay, Umicore Least: Citi 2013-12-05 07:40:28.564 GMT
By Chiara Remondini Dec. 5 (Bloomberg) -- Citi says Linde, DSM most favored European chemicals stocks into 2014 (buy); Umicore, Solvay least favored (sell), according to note. * Prefers stocks with good earnings visibility, trading at discount vs peers * Says DSM, Linde have solid structural growth drivers; Clariant, Arkema are recovery plays with improving FCF, ROCE, attractive valuation * Sees nitrogen, phosphate prices near bottom, recovery next yr: rates Yara, Phosagro buy * Least prefers: * Solvay as sluggish growth, structurally challenged portfolio will probably lead to consensus ests. cuts * Umicore as low metal prices, shutdowns to weigh on recycling earnings, offset progress in other units * More “cautious” on Syngenta due to softening grain prices
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--Editor: Jurjen van de Pol
To contact the reporter on this story: Chiara Remondini in Milan at +39-02-8064-4241 or cremondini@bloomberg.net
To contact the editor responsible for this story: James Ludden at +44-20-7673-2645 or jludden@bloomberg.net