- Credit Suisse analyst John Robers initiated coverage on Axalta Coating Systems Ltd (NYSE:AXTA) with an Underperform rating and a $20 price target.
- Robers also initiated Univar Solutions Inc (NYSE:UNVR) with an Outperform rating and a $31 price target.
- While not direct competitors, they are two of the largest companies with a regional business model and a focus on industrial markets.
- Given the prospect of a global economic downturn, he was cautious about AXTA due to its high exposure to the auto OEM (~30% of sales) and general industrial (~30% of sales) end markets.
- The consensus expectation is for pent-up demand to support auto production in a potential downturn and rising interest rate environment, with any pullback in volume offset by a decline in raw materials (i.e., oil).
- He believed there was a greater probability that this could be the first downturn without a drop in oil prices than the first downturn without a decline in auto production.
- His 2023 and 2024 EBITDA estimates are nearly 8% below consensus.
- Price Action: AXTA shares traded higher by 2.70% at $23.40 on the last check Friday.
Orange County Bancorp Announces Retirement Of CFO Robert Peacock In 2023, Says Senior Vice President, Chief Accounting Officer Michael Lesler To Succeed Peacock
Orange County Bancorp, Inc. (the "Company") (NASDAQ:OBT), parent company of Orange Bank & Trust Co. (the "Bank") announced today the retirement of Robert Peacock, Senior Executive Vice President
