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In a note to clients, UBS said that for the year to date, Croda is the second-best performer in the chemicals space -- outside of agriculture -- with the shares up 18 percent, representing about 50 percent outperformance against flavours and fragrances stocks, and about 20 percent against consumer stocks.
The broker said its price target of 770 pence no longer justifies a 'buy' rating, although it thinks Croda remains a core holding in specialty chemicals.
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