Citi downgraded Axalta Coating (AXTA) to Neutral from Buy with a price target of $41, down from $45. The firm moves to the sidelines “after a strong 2024” for Axalta that saw solid deflationary benefits, strong productivity, and lapping Enterprise Resource Planning headwinds from 2023. Citi sees potential organic volume weakness in the first half of 2025, particularly in commercial vehicle and industrial coatings.
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