Deutsche Bank reiterates its 'buy' recommendation on AkzoNobel, but lowers its target price from €85 to €80, expecting EBITDA for the second quarter to rise by 4% to €413 million, below the informal target range of €420 to €440 million.

"In order to alleviate pressure, the company has taken additional cost-cutting measures and targeted pricing initiatives which will start to support the income statement from the third quarter onwards", points out the broker, however.

Also expecting some weather-related catch-up in decorative paints in the third quarter, Deutsche Bank believes that the Dutch chemical group will post its target of a sequential increase in EBITDA.

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