Axalta Coating upgraded to Buy from Neutral at UBS

UBS upgraded Axalta Coating (AXTA) to Buy from Neutral with a price target of $40, down from $42. The firm sees Axalta shares near pricing in its downside scenario already. About 35% of the company’s sales are linked with light and commercial vehicle production, but only half of this is for North America, which on an EBITDA basis is only 10% of total Axalta sales, the analyst tells investors in a research note. UBS believes the company’s larger profit generating Performance segment has been more stable through cycles both in terms of volumes and consistent positive pricing.