Corbion falls after Berenberg cuts stock to 'hold'
** Shares in Corbion CORB.AS fall 7% after Berenberg cut the Dutch biochemical group to "hold" from "buy", saying all three factors it saw for a potential upside have now materialised
** The broker notes the share price is up around 25% since it moved to "buy" in August 2023, when it was bullish on growth in Omega-3 rich algae-derived oils business, debt reduction through divestments, and recovery in core ingredients volumes
** Berenberg "does not rule out" that Corbion could exit poly lactic acid (PLA) activities - bioplastic products with reduced carbon footprint - in 2025
** It says persisting headwinds weigh on PLA profitability, including European regulatory "antipathy" towards bioplastics, lower prices for conventional styrene and increases in Chinese PLA supply helped by sugar prices
** It raises PT to 26 euros from 24 euros, noting continuing strong performance in algea in Q3
** The shares are on track for their worst day since January if the losses hold
Reporting by Olivier Cherfan
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