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STOCKS NEWS EUROPE-Lanxess drops on bearish JP Morgan comments

Reuters - UK Focus

Shares in synthetic rubber maker Lanxess (Other OTC: LNXSF - news) decline 3 percent to the bottom of Germany's blue-chip index as traders point to JP Morgan (Other OTC: JPYYL - news) slashing its price target on the stock by almost a quarter.

"Market hopes of a cyclical recovery in 2014 are overstated," JP Morgan analyst Martin Evans writes in a note. "We expect new market entrants in key value chains to continue to reduce Lanxess' pricing power and market share."

The brokerage cuts its price target to 28 euros per share from 37 euros, well below the 47 euros the stock is trading at, and reiterates its "underweight" recommendation.

Reuters messaging rm://ludwig.burger.thomsonreuters.com@reuters.net