AkzoNobel downgraded to Hold from Buy at Deutsche Bank

Deutsche Bank downgraded AkzoNobel (AKZOY) to Hold from Buy with a price target of EUR 55, down from EUR 68.50. The firm adjusted ratings in the European chemicals and ingredients group. While the situation in the Middle East “could change rapidly, for the better or the worse, we view a swift normalization as improbable,” the analyst tells investors in a research note. Deutsche expects the conflict will have relatively long-lasting consequences for European chemical companies, both negative and positive.