Credit Suisse Reinstates Axalta Coating Systems (AXTA) at Outperform

September 8, 2016 8:17 AM EDT
Get Alerts AXTA Hot Sheet
Price: $28.75 +0.52%

Rating Summary:
    10 Buy, 6 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 30 | Down: 30 | New: 23
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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."

For an analyst ratings summary and ratings history on Axalta Coating Systems click here. For more ratings news on Axalta Coating Systems click here.

Shares of Axalta Coating Systems closed at $28.94 yesterday.

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