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AXTA

Axalta Coating

$31.66

-5.89 (-15.69%)

, AKZOY

AkzoNobel

$30.57

0.741 (2.48%)

05:18
12/01/17
12/01
05:18
12/01/17
05:18

Axalta target raised to $35 after failed deals at Deutsche Bank

The failure of Axalta Coating (AXTA) to reach a takeover deal with either Nippon or AkzoNobel (AKZOY) more reflects the situations at the latter two companies than any concerns or issues with the Axalta's coating businesses, Deutsche Bank analyst David Begleiter tells investors in a research note partially titled "Unwanted but Not Unloved." The analyst raised his price target for Axalta shares to $35 from $32, which reflects 11% upside from current levels. He keeps a Buy rating on the name

AXTA

Axalta Coating

$31.66

-5.89 (-15.69%)

AKZOY

AkzoNobel

$30.57

0.741 (2.48%)

AXTA Axalta Coating
$31.66

-5.89 (-15.69%)

11/22/17
JEFF
11/22/17
NO CHANGE
Target $38
JEFF
Buy
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.
11/28/17
KEYB
11/28/17
NO CHANGE
Target $40
KEYB
Overweight
Axalta Coating price target raised to $40 from $36 at KeyBanc
KeyBanc analyst Michael Sison raised his price target for Axalta Coating to $40 from $36 to reflect takeout potential given recent confirmation from Nippon that it has made a proposal to acquire the company. The analyst reiterates an Overweight rating on the shares.
11/30/17
JEFF
11/30/17
NO CHANGE
Target $36
JEFF
Buy
Investors to refocus on Axalta fundamentals after deal talks end, says Jefferies
Jefferies analyst Laurence Alexander said some M&A premium may linger for Axalta Coating but he expects investors to assign a fading M&A view after two deal discussions failed so close together. With merger talks with Nippon Paint ended, he expects investors to shift their focus back to the company's fundamentals, noting also that economic data has improved and the company's pricing initiatives have had time to gain traction since its initial talks with AkzoNobel came to light. Alexander lowered his price target on Axalta to $36 from $38 and keeps a Buy rating on the stock.
11/30/17
SBSH
11/30/17
NO CHANGE
Target $34
SBSH
Neutral
Axalta takeout premium not fully removed, says Citi
Citi analyst P.J. Juvekar says that around $31, Axalta Coating Systems shares have not fully removed a takeout premium. The analyst notes that $28 per share is his bear case scenario if a buyout does not happen. Axalta, remains a leading takeout candidate, but the quick failure of two public negotiations is surprising, Juvekar tells investors in an intraday research note. He still thinks Axalta is a willing seller at the right price, but cautions that the likelihood of a quick deal "seems diminished" following the failure of the Nippon talks. Juvekar has a Neutral rating on Axalta with a $34 price target.
AKZOY AkzoNobel
$30.57

0.741 (2.48%)

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.
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.
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.

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