Axalta Coating price target raised to $28 from $26 at Jefferies

Jefferies analyst Laurence Alexander raised the firm’s price target on Axalta Coating to $28 from $26 and keeps a Hold rating on the shares. Auto production is rebounding as the chip shortage issues fade and the firm thinks an auto restock cycle likely bolsters demand for Axalta’s products for "most of 2023." However, a likely U.S. slowdown and related ripple effects suggest further downside risk for consensus this summer, the firm adds. The firm also thinks margins will likely turn out better than expected as lower energy and logistics costs will likely be supplemented by relief on resins and TiO2.