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Benzinga
Benzinga
Business
Akanksha Bakshi

Deutsche Bank Downgrades This Coatings Company - Read Why

Deutsche Bank AXTA NYSE
  • Deutsche Bank analyst David Begleiter downgraded Axalta Coating Systems Ltd (NYSE:AXTA) to Hold from Buy and reduced the price target to $27 (an upside of 8.4%) from $34.
  • Given continuous raw material inflation and supply chain restrictions, the analyst believes Q2 and 2022 consensus expectations are too high.
  • Begleiter anticipates that the shares will remain range-bound for the next few months until there is clarity on when earnings might inflect.
  • Price Action: AXTA shares are trading lower by 0.8% at $24.93 on the last check Monday.
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