Jefferies Favors Evonik, Lowers Lanxess After Iran-Related Supply Shock
Jefferies upgraded Evonik Industries to buy with a €20 per share target and downgraded Lanxess to underperform with a €16 target, arguing that a supply-led pricing spike tied to the Iran conflict has produced a valuation gap that benefits Evonik's defensive earnings exposure over Lanxess's more stretched re-rating. The bank adjusted FY26 EBITDA for…