Stifel maintains its 'Hold' rating on Solvay shares, with a slightly higher target price, from 28 to 29 euros.

The research firm reports that its EBITDA forecast for Q1 is below consensus, due to lower assumptions for the Performance Chemicals division.

For the full year, Stifel is targeting EBITDA of ME 944, slightly below consensus (ME 978), while Solvay is targeting a range of ME 925 to ME 1040.

The broker points out that Solvay's dividend yield of 9% is the highest of all the companies covered by Stifel.

Nevertheless, the analyst believes that FCF will not allow a dividend increase in the short term due to limited growth prospects and increased investment requirements in the future.

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