AkzoNobel: BarCap 'resists' temptation to upgrade
(CercleFinance.com) - BarCap is "resisting the temptation" to upgrade AkzoNobel, although acknowledges that positioning has turned "positive" on the shares of the Dutch coats and paints maker.
In a note entitled "Why we're not more positive (yet)," the broker said pro-forma valuation now looks attractive, but not "anomalous," and maintains its "equal weight" rating on the stock, with a target price of 88 euros.
"Earnings inflection looks imminent after years of downgrades yet we're struggling to see how AkzoNobel can meaningfully outperform until proceeds from the disposal are disbursed," it said in the report.
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The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.
In a note entitled "Why we're not more positive (yet)," the broker said pro-forma valuation now looks attractive, but not "anomalous," and maintains its "equal weight" rating on the stock, with a target price of 88 euros.
"Earnings inflection looks imminent after years of downgrades yet we're struggling to see how AkzoNobel can meaningfully outperform until proceeds from the disposal are disbursed," it said in the report.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
The information and analyses distributed by Cercle Finance are only intended as decision-making support for investors. Cercle Finance's responsibility may not be entailed, either directly or indirectly following the use of such information and analyses by readers. Any non-professional investor is recommended to consult a professional advisor before making any investment decision. This indicative information in no way constitutes any invitation to sell or buy securities.