Axalta Coating downgraded to Neutral from Overweight at JPMorgan

JPMorgan analyst Jeffrey Zekauskas downgraded Axalta Coating (AXTA) to Neutral from Overweight with a price target of $32, down from $42. Axalta’s restructuring efforts led to a good Q1 earnings performance but volumes were lower by a couple of percent, the analyst tells investors in a research note. The firm expects the company’s volumes to be slightly negative for the year. JPMorgan does not find the risk/reward ratio of Axalta appealing at the current price due to its minimal volume growth given contracting global auto production.