Barclays analyst Michael Leithead raised the firm’s price target on Axalta Coating (AXTA) to $30 from $28 and keeps an Overweight rating on the shares. The analyst believes chemicals are in the seventh or eighth inning of negative earnings revisions, and that Chinese demand will likely bottoming in Q1. This drives his bias towards selectively rotating towards more cyclical exposure in 2023, as he thinks final Street earnings cuts will ultimately "start getting bought by forward-looking investors." Leithead moved e move Celanese (CE) to top pick and upgraded Olin (OLN) to Overweight.
Published first on TheFly
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