JPMorgan analyst Chetan Udeshi upgraded Johnson Matthey (JMPLY) to Neutral from Underweight with an unchanged price target of 1,600 GBp. The macro outlook remains mixed for the European chemicals with added uncertainty from potential Trump tariffs, the analyst tells investors in a research note. The firm says the earnings momentum is likely to be negative in the near-term and prefers a “balanced view between higher quality/compounders and cyclical names in the sector.”
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