RBC Capital downgraded Axalta Coating (AXTA) to Sector Perform from Outperform with a price target of $30, down from $35, following the company’s merger announcement with AkzoNobel (AKZOY). RBC cites the limited acquisition premium, five-year timeline to fully realize synergies, “still-muted” growth across most coatings verticals, and a lack of other suitors for Axalta for the downgrade.
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