Stock Track | Braskem SA Plummets 6.37% Intraday Following BofA Downgrade to Underperform and Upcoming Earnings Report

Stock Track03-26 21:34

Braskem SA (BAK) shares plummeted 6.37% during intraday trading on Thursday, reflecting significant negative sentiment towards the stock.

The sharp decline follows a downgrade by Bank of America, which moved its rating on Braskem to Underperform from Neutral and slashed its price target to $2.80 from $3.30, citing growing concerns about the company's prospects.

Investor attention is also focused on the company's upcoming fourth-quarter earnings report, which is tentatively scheduled for release. Analysts surveyed by FactSet expect the company to report a loss per share of $0.99 for the quarter, adding to the negative pressure on the stock.

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