AkzoNobel: stock down as Credit Suisse cuts target price

(CercleFinance.com) - Credit Suisse has reduced its target price for the Akzo Nobel share to 93 euros (current price about 69 euros, -3%), on lower earnings, although maintains an Outperform rating on it.


"Our FY23 EBIT is 4% ahead of consensus, though our FY23 EBITDA forecast remains 8% below Akzo's E2bn target (ex. M&A)," the broker said.

"Cost saves through the “Deliver” program should also increasingly support earnings; Akzo targets cost savings of E200m - thus we believe the targeted magnitude looks feasible," Credit Suisse added.


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