Credit Suisse Reinstates Axalta Coating Systems (AXTA) at Outperform
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Credit Suisse reinstates coverage on Axalta Coating Systems (NYSE: AXTA) with a Outperform rating and a price target of $34.00.
Analyst C. Parkinson commented, "We acknowledge that concerns around the auto cycle are likely to persist, however we believe investor focus would be more appropriately directed towards: (i.) the stable growth and pricing power of the refinish business, which represents 50%+ of company EBITDA, (ii.) new product introductions and business wins in industrial, and (iii.) continued execution on the cost cutting programs, with longer-term upside potential. The recent debt refinancing should save AXTA ~$15mm/year, before considering potential debt pay down. Our 2016 and 2017 EPS estimates increase to $1.12 (from $1.10) and $1.40 (from $1.35), respectively."
Shares of Axalta Coating Systems closed at $28.94 yesterday.
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