BASF Shares Slip in Tech-Led Selloff as LBBW Trims Its Enthusiasm to a Hold

BASF shares gave up 2.8% on Wednesday, caught in a broad European retreat as a global stampede out of AI and semiconductor names, combined with weak leads from the US and Asia, dragged the DAX below the 26,000-point mark in early trading. BASF was among the German blue chips on the back foot from the opening bell.

Traders were also chewing over what the US midterm elections might mean for tariffs, the Middle East conflict and AI infrastructure spending, according to dpa-AFX. Yet the chemicals group's own news flow painted a rather brighter picture than the share price suggested.

LBBW Lifts Target but Keeps Its Distance

On Wednesday, LBBW raised its price target for BASF from EUR 56 to EUR 57 while reaffirming its "Hold" rating — a nod to improved prospects that still leaves the brokerage sitting on the fence. The upgrade follows a third-quarter update delivered roughly a week earlier, when BASF beat expectations and lifted its guidance for adjusted EBITDA.

For 2026, the company now projects adjusted EBITDA of EUR 7.4 billion to EUR 7.8 billion, up from a previous range of EUR 6.9 billion to EUR 7.7 billion.

Third-Quarter Figures Confirm the Momentum

The numbers behind that rosier outlook: revenue climbed 14% year on year to EUR 16.4 billion in the third quarter of 2026, while EBITDA before special items rose 15% to EUR 1.6 billion. The adjusted EBITDA figure likewise came in 15% above the prior-year quarter.

Buyback Rolls On

Alongside the earnings news, BASF disclosed in its interim buyback report on Monday that it had repurchased 355,128 of its own shares during the period from 26 to 30 October inclusive. Since the programme began on 3 August, the cumulative volume had reached 7,595,230 shares through 30 October.

Awards for Automotive Partnerships

There was recognition on the product side as well. BASF, together with Toyota and Vuteq, collected the SPE Automotive Innovation Grand Award for the thermoplastic truck bed of the 2026 model-year Toyota Tacoma — an application that also took the prize in the exterior body category. A second honour went to BASF alongside Stellantis and L&L Products for the composite tunnel reinforcement on the 2027 model-year Jeep Grand Cherokee, which won the SPE Automotive Innovation Award in the chassis/hardware category.

Management and Diary Dates

In the legal and compliance function, Sören Bauermann took charge of Corporate Legal, Compliance, Insurance & Security in Ludwigshafen on Sunday, a move BASF had announced on 29 October. Investors' next scheduled engagement is the Capital Markets Day on 23–24 November, with fourth-quarter 2026 results slated for release on 26 February 2027.