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Fly News Breaks for January 8, 2019
AXTA
Jan 8, 2019 | 08:43 EDT
As previously reported, BofA/Merrill upgraded Axalta Coating to Buy from Neutral and maintained a $28 price target. Analyst Steve Byrne expects the coatings industry to recover a majority of lost gross margins over the next 2-3 years through higher prices and lower raw material costs and said valuation reflects challenges in auto end markets. Byrne sees potential M&A optionality from Axalta's ability to pursue acquisitions that can drive earnings growth.
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