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AkzoNobel: Jefferies upgrades stock

( - Jefferies has upgraded its rating on AkzoNobel shares to "buy" (from "hold") and has increased it corresponding target price to 81 euros (from 77 euros), noting that the stock is trading at a 36% discount in terms of EV/EBITDA to its global peers.

The broker acknowledges that the key challenge for the Dutch paints and coatings supplier "surrounds generating sustainable volume growth in its core end markets".

"However, net positive pricing (vs raw materials) provides significant earnings offsets to further volume declines (especially relative to EU chemical peers)," it points out.

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