UBS has upgraded its recommendation on Arkema from 'neutral' to 'buy', with a target price raised from €95 to €120. This new target represents a potential 31% increase in the French chemicals group's share price.

The broker highlights a recovery in EBITDA and a conversion of around 50% in free cash flow. The FCF yield of 13% p.a. is the highest in the European diversified sub-sector", it also points out in the summary of its research note.

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