Axalta Coating upgraded to Buy from Hold at Deutsche Bank

Deutsche Bank analyst David Begleiter upgraded Axalta Coating Systems (AXTA) to Buy from Hold with a price target of $40, up from $25. With new customer wins in Refinish and Light Vehicle driving above market volume growth into 2024, a closing of the price / cost gap driving "significant" earnings improvement in Mobility and substantially less building and construction exposure than peers, Axalta is well positioned to be the best performing coatings company in 2023, the analyst tells investors in a research note. The firm believes Axalta’s valuation discount to its primary peer, PPG (PPG), is no longer warranted.