DB downgrades Brenntag on exposure to cyclical sectors

** Deutsche Bank downgrades Brenntag BNR to "hold" from "buy", saying the problem for the German chemical distributor is largely timing, as its business shows greater cyclicality compared to speciality distributors

** The brokerage adds that Brenntag's recent guidance cut highlights pressures on pricing and volumes

** The company's essentials segment faces increased pricing pressure, while its end-market exposure leans toward more cyclical sectors with fewer supportive drivers, DB says

** It forecasts Brenntag's 2025 earnings before depreciation and taxes at around 7% below market consensus

** Out of 21 analysts that cover Brenntag, eight rate the stock "strong buy" or "buy", ​ten "hold" and three​ "strong sell" or "sell" - LSEG data