AkzoNobel: Berenberg ups target, but still a seller

(CercleFinance.com) - Berenberg raised on Friday its target price for the share of Dutch paint maker AkzoNobel from 71 euros to 75 euros, but maintained a "sell" rating on the stock.


The move comes one week after the company posted its full-year 2019 results and hosted its investor day.

In its note to clients, Berenberg said growth through cost cuts "cannot last forever."

"We continue to believe it is a low-growth business that will struggle to grow absolute profitability beyond 2020 and, as such, will underperform the sector," it wrote in the report.

The shares are down 0.8% at 84.7 euros on Euronext Amsterdam on Friday morning.

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