UBS reaffirms its 'buy' recommendation on Syensqo with a price target lowered from €119 to €113, a new target leaving 38% upside potential for the stock, as we await the Belgian specialty chemicals company's second-quarter results.

The broker expects EBITDA to be 2% above consensus and believes there is upside potential for net price guidance for 2024. The 33% discount on the EV/EBITDA ratio compared with peers continues to look too wide," he adds.

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