Lanxess is down more than 3% in Frankfurt, penalized by a downgrade by Jefferies from 'hold' to 'underperform' on the German specialty chemicals group's shares, with a price target lowered from 24 to 22 euros.

Although the first signs of a recovery in demand represent a positive element in the short term, we believe that the risk surrounding its sustainability would imply that the financial risk would be too high", explains the broker.

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