Stifel maintains its 'hold' recommendation on Solvay shares, with its target price raised from 29 to 33 euros following the publication of the chemical group's 'solid' quarterly results.

The analyst points out that "surprisingly positive" first-quarter results have allayed concerns, driven in particular by the Basic Chemicals division.

Stifel anticipates a sequentially stable trend in the group's EBITDA and is targeting 2024 EBITDA of 1041 ME, at the top end of the company's guidance.

The broker is also targeting FCF of 278 ME for fiscal 2024.

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