Citi analyst Mubasher Chaudhry downgraded AkzoNobel to Sell from Neutral with a price target of 70 euros after taking over coverage of the name. The company needs to rationalize its global footprint, and its current strategy to achieve 450 basis points of margin expansion is not feasible, Chaudhry tells investors in a research note. The analyst believes AkzoNobel should sell assets that have low market share and profitability.

Goldman Sachs upgraded AkzoNobel to Neutral from Sell with a price target of $70, up from $66. The company's Q1 adjusted EBITDA topped estimates, but shares fell 7% intraday due to a higher-than-expected operating expense guidance given on the earnings call, the analyst tells investors in a research note. Investors have expressed disappointment in the higher-than-expected costs, stating that more could be done to offset higher wage inflation, though despite the higher opex outlook, the Q2 and FY24 EBITDA guidance ranges given by management still bracket consensus, the firm added.