Stifel announced on Friday that it had lowered its recommendation on Arkema shares from 'buy' to 'hold', noting that it expects the French specialty chemist to deliver a cautious outlook for 2023.

In a sector note, the financial intermediary also explains that it expects the group to be penalized by the continued contraction of profit margins in its acrylics business.

With regard to the fourth-quarter results to be published, the analyst fears that the performance of players in the sector will turn out to be much weaker than expected, due to destocking by customers and lower upstream margins.

For Arkema, Stifel anticipates figures 5% below those established by the market consensus.

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