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AXTA

Axalta Coating

$33.87

0.33 (0.98%)

05:19
11/22/17
11/22
05:19
11/22/17
05:19

Nippon could bid as much as $43 per share for Axalta, says Jefferies

Assuming a 5% synergy and a 2% cost of debt, Jefferies analyst Laurence Alexander estimates Nippon Paints could bid as much as $43 per share for Axalta Coating. The analyst adds that his standard leveraged buyout model pegs Axalta fair value at $38 per share. If all merger talks were to end, Axalta will likely return to its pre-October 27 trading levels, or around $29 per share, Alexander tells investors in a research note. He has a Buy rating on the shares with a $38 price target.

AXTA Axalta Coating
$33.87

0.33 (0.98%)

11/22/17
SBSH
11/22/17
NO CHANGE
Target $34
SBSH
Neutral
Axalta remains potential acquisition target, says Citi
Citi analyst P.J. Juvekar expects "significant downward pressure" today in shares of Axalta Coating (AXTA) after AkzoNobel (AKZOY) confirmed that it has walked away from merger talks. When the initial news hit, Axalta shares jumped 17%, or nearly $5 per share, and since then are up another 2%, Juvekar tells investors in a research note. His bear case scenario for the shares if the deal did not happen is $28, or 10.8 times his 2018 EBITDA estimate. The analyst, however, thinks Axalta remains a potential acquisition target given the ongoing consolidation of the paints industry. He still thinks the involvement of Berkshire Hathaway (BRK.A, BRK.B) 10% owner, "is a wildcard." Nonetheless, Juvekar remains concerned about the company's near-term fundamentals and keeps a Neutral rating on Axalta with a $34 price target.
10/31/17
VERT
10/31/17
UPGRADE
Target $37
VERT
Buy
Axalta Coating upgraded to Buy from Hold at Vertical Research
Vertical Research analysts led by Kevin McCarthy upgrade Axalta Coating (AXTA) to Buy with a $37 price target citing news that AkzoNobel (AKZOY) may acquire the company. The analyst is not surprised by this potential combination and believes it can create substantial value for Axalta shareholders, particularly if Axalta's management were lead the combined company with a free hand to extract synergies. If a deal is struck, "Akzalta" would become the second-largest coatings company in the world, the analyst wrote.
10/30/17
DBAB
10/30/17
NO CHANGE
Target $32
DBAB
Buy
Axalta shares could be worth $45 in merger deal, says Deutsche Bank
Deutsche Bank analyst David Begleiter estimates Axalta Coating (AXTA) shares would be worth $45 in a merger of equals deal with AkzoNobel (AKZOY). The analyst believes a merger of equals makes sense, saying it would allow Axalta shareholders to share in the upside from costs savings and sales synergies at the new entity as well as operational improvement at Akzo. If Axalta were to be acquired by Akzo or someone else, its board would likely seek a valuation similar to what Sherwin-Williams (SHW) paid for Valspar, or around $41 per share, Begleiter tells investors in a research note titled "Merger Value Could be in the $40s." The analyst keeps a Hold rating on Axalta with a standalone price target of $32.
10/30/17
SBSH
10/30/17
UPGRADE
Target $34
SBSH
Neutral
Axalta Coating upgraded to Neutral from Sell at Citi
Citi analyst P.J. Juvekar upgraded Axalta Coating (AXTA) to Neutral citing news that AkzoNobel (AKZOY) may acquire the company. The analyst believes Axalta management would be willing sellers at the right price and that a potential buyout will support the stock. He upped his price target for Axalta shares to $34 from $25. An acquisition offer price in the high $30 per share range would be sufficient to get Axalta to the negotiating table, Juvekar tells investors in a research note.

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