AkzoNobel upgraded to Neutral from Sell at Goldman Sachs

Goldman Sachs upgraded AkzoNobel to Neutral from Sell with a price target of $70, up from $66. The company’s Q1 adjusted EBITDA topped estimates, but shares fell 7% intraday due to a higher-than-expected operating expense guidance given on the earnings call, the analyst tells investors in a research note. Investors have expressed disappointment in the higher-than-expected costs, stating that more could be done to offset higher wage inflation, though despite the higher opex outlook, the Q2 and FY24 EBITDA guidance ranges given by management still bracket consensus, the firm added.