Axalta Coating price target raised to $29 from $23 at Wells Fargo

Wells Fargo analyst Michael Sison raised the price target on Axalta Coating to $29 from $23 and keeps an Equal Weight rating on the shares. While Axalta’s results and EBITDA outlook fared better than its coatings peers, the firm stays on the sidelines given the stock is trading at the upper end of its 7-year EV/EBITDA range of 9-12-times. Wells awaits a catalyst to drive further multiple expansion.