AkzoNobel: shares outperform after broker upgrade
(CercleFinance.com) - AkzoNobel shares were up on Friday after Berenberg upgraded the Dutch paint maker to "buy," saying that the recent share price fall has created an attractive entry point.
After reassessing its view of the paints and coatings sector in light of the COVID-19 pandemic, AkzoNobel has become the German broker's "top pick" over the next 12-to-18 months.
"It has the most secure capital position, and its portfolio is best-placed for a medium-term recovery in demand and lower raw material costs, while ongoing cost-savings should support margins," Berenberg pointed out.
The upgrade helped lift the stock, which was up 0.2% on Euronext Amsterdam this morning, outperforming a 1.4% fall in the Dutch AEX blue-chip index.
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