AkzoNobel downgraded to Sell from Neutral at Goldman Sachs

Goldman Sachs downgraded AkzoNobel to Sell from Neutral with a price target of EUR 53, down from EUR 70. The company’s volume outlook has weakened, with Q1 strength now attributed to restocking, and the weak volume backdrop is leading to a more competitive pricing environment, the analyst tells investors in a research note. The firm believes the magnitude of consensus estimates declining will come as a surprise.