Citi says Arkema is best placed to gain from chemicals recovery in 2025
** Citigroup says Europe's diversified chemicals are "under-earning, under-owned, and trade on cheap valuations", which limits their downside despite global uncertainties over demand and tariffs
** "Current demand trends seem insufficient to drive upgrades while the Trump election win has cast further doubts on the outlook" - Citi
** However, the sector could see volume recovery in 2025 driven by expected upturns in European agriculture and construction, it says
** It upgrades Arkema 
AKE to "buy" from "neutral" with 7% higher PT of EUR 100, vs Tuesday's closing price of EUR 74.05
** Citi says Arkema is best positioned for 2025, backed by its low macro-dependency compared to peers, high volume recovery potential and its strong U.S. market exposure
** Out of 18 analysts that cover Arkema, 15 rate the stock "strong buy" or "buy" and three "hold" - LSEG
** Citi maintains "buy" on Clariant 
CLN, Evonik 
EVK and Wacker 
WCH, and opens a pair trade of Arkema and Syesqo ("neutral") 
SYENS with a relative preference for the former
