BofA/Merrill analyst Steve Byrne resumed coverage on Axalta Coating with an Underperform and $28 price target following the company's disclosure it is no longer in M&A discussions. The analyst said Axalta shares are trading towards the high-end of its historical range despite negative EBITDA growth in 2017 and only modest expectations for a growth rebound in 2018. Additionally, the firm's automotive team expects a the cyclical downturn in US auto sales to continue and views increasing penetration of collision avoidance technology and autonomous vehicles as a longer-term structural risk to Axalta's refinish business.