Akzo Nobel "buy," target price raised

07/30/09 - ING Financial Markets

LONDON, July 30 (newratings.com) - Analysts at ING Financial Markets maintain their "buy" rating on Akzo Nobel NV (AKU). The target price has been raised from €39 to €45.

In a research note published this morning, the analysts mention that the company has reported robust 2Q09 results, with the EBITDA exceeding forecasts by 32%. Akzo Nobel’s excellent performance was driven by the fast implementation of its restructuring programme and the benefits derived from it, the analysts add. The company’s target of achieving EBITDA margins of 14% by 2011 is realistic, ING Financial Markets says.