Axalta Coating downgraded to Neutral from Outperform at Baird

Baird analyst Ghansham Panjabi downgraded Axalta Coating (AXTA) to Neutral from Outperform with a price target of $35, down from $42. The company is “executing at a high level,” but the pending merger with AkzoNobel is likely to lead to a “de-correlation with pure fundamentals,” the analyst tells investors in a research note. In addition, Baird believes “weak” volumes specific to auto refinish will likely remain an overhang on Axalta ‘s Investor sentiment until volumes normalize.