Instinet Equity Research analyst Aleksey Yefremov reiterates Buy rating and raises price target on Axalta Coating Systems Ltd (NYSE: AXTA) to $33 (from $31), suggesting the company’s 2016 fourth quarter results offer a confident outlook for 2017.

Yefremov remarks, "One of the major takeaways from 4Q is that AXTA is reestablishing a track record of beating estimates and guiding conservatively. In the end, despite all the headwinds, we expect EBITDA and FCF to grow over the next two years… In the ‘bad’ column, we remain concerned about continued volume weakness (1.8% in 4Q) in Performance Coatings, which is the core of AXTA’s business."