Deutsche Bank reaffirms its 'buy' recommendation on Lanxess, while lowering its target price from €29 to €27, forecasting second-quarter EBITDA up 22% to €131 million, against a consensus of €137 million.

"This is in line with the company's first-quarter guidance, according to which it was comfortable with the second-quarter consensus of around €130 million at the time," says the broker in its note on the German chemist.

For the third quarter, Deutsche Bank expects EBITDA of 168 million euros, which 'is in line with management's forecast for a further sequential improvement, followed by normal seasonality in the fourth quarter'.

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