Croda International PLC (LSE:CRDA) the FTSE 100 specialty chemicals maker, bucked a brutal session for UK blue chips on Monday, rising 1.8% to 2,600p after Goldman Sachs upgraded the stock from 'sell' to 'buy' in a striking reversal of its previous stance.
The broader index shed more than 200 points as heightened fears of a sharp escalation of hostilities involving Iran rattled markets, leaving Croda among a handful of risers in an otherwise deeply negative session.
Goldman said that when it downgraded Croda in early 2025, it had been concerned that market expectations embedded overly ambitious assumptions on revenue growth and margin expansion.
Those concerns have since faded, with Croda's own recovery actions delivering ahead of Goldman's expectations, outperforming specialty ingredients peers including Givaudan, Symrise and DSM-Firmenich.
The US investment bank raised both its price target and earnings estimates alongside the upgrade, signalling that it now sees the stock as offering genuine upside after a prolonged period of underperformance.