AkzoNobel: Jefferies upgrades recommendation to 'buy

(CercleFinance.com) - On Wednesday, Jefferies upgraded AkzoNobel shares to 'buy' from 'hold', with a target price raised from E72 to E79.


The US broker reveals that it has been monitoring price trends for the Dutch chemical group's paint range for almost 10 months, both in supermarkets and on the brand's own website.

According to its research, these prices have never been so high in the last ten months, and are continuing to rise, a trend which it considers to be promising in terms of sales.

Pointing out that the fall in raw material costs is currently a favorable factor, the broker indicates that it has raised its earnings forecasts for the group by an average of 6%.


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