Bernstein downgrades AkzoNobel on Axalta merger worries
Bernstein cuts its rating on Dutch paint maker AkzoNobel AKZO.AS to "market perform" from "outperform" citing worries that the announced Axalta AXTA.N merger deal might get changed, as well as the company's fundamentals and too high 2026 earnings expectations
"We worry that the transaction as announced will be changed, either through Axalta shareholder pressure or antitrust or an interloper," the broker says, noting also the execution risk that comes with a $25 billion deal
The broker adds it finds a more compelling alternative coatings investment, such as buying PPG shares
"We consider PPG’s portfolio higher growth than combined Akzo-Axalta in any case, given their higher aerospace and lower automotive refinish exposure," it says
Bernstein reduces its PT on Akzo to 59 euros from 64 euros
Out of 17 analysts that cover Akzo Nobel, 10 rate the stock "strong buy" or "buy," six rate it "hold" and one rates the stock "sell" - LSEG data
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