AkzoNobel upgraded to Neutral from Underweight at JPMorgan

JPMorgan upgraded AkzoNobel to Neutral from Underweight with a price target of EUR 70, up from EUR 68.50. The company has seen relatively resilient performance across both volumes – up low single digits its Q1 – and net pricing, with gross prices flat to up low single digits in recent quarters despite the deflationary trend in raw material prices, the analyst tells investors in a research note. As a result, AkzoNobel has seen its Q1 adjusted EBITDA post a “strong growth” of 19%, JPMorgan added.