AkzoNobel: shares edge higher on US broker upgrade
(CercleFinance.com) - Shares in AkzoNobel, a Dutch supplier of paints and coatings, rose more than 2% on Friday after a US broker upgraded the stock to from "hold" to "buy," citing "aggressive restructuring.
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A combination of a strong balance sheet, easing raw material pressures, and restructuring efforts should insulate the company if industrial markets soften in 2019-2020, the broker Jefferies said in a note.
It also raised its target price for the share, from 84 euros to 86 euros.
AkzoNobel shares are up 2.2% at 72.6 euros in early afternoon trade on Euronext Amsterdam.
Copyright (c) 2018 CercleFinance.com. All rights reserved.
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A combination of a strong balance sheet, easing raw material pressures, and restructuring efforts should insulate the company if industrial markets soften in 2019-2020, the broker Jefferies said in a note.
It also raised its target price for the share, from 84 euros to 86 euros.
AkzoNobel shares are up 2.2% at 72.6 euros in early afternoon trade on Euronext Amsterdam.
Copyright (c) 2018 CercleFinance.com. All rights reserved.