NEW YORK (TheStreet) -- Axalta Coating Systems' (AXTA) - Get Axalta Coating Systems Ltd. Report price target was lowered to $33 from $36 at Barclays this morning. The firm's rating remains unchanged at "equal weight."
Barclays updated their numbers to reflect second quarter 2015 earnings and current market conditions.
"Axalta remains a strong story, with the ramp-up of new business wins as well as the $200 million in cost takeout programs providing a clear runway to improved earnings and cash generation," Barclays said in a note.
The firm believes there is incremental margin to be had by all coatings players if oil remains at current levels, but macro headwinds, including lower Asian auto markets, soften near-term numbers.
Shares of Axalta were down 0.53% to $28.38 in early afternoon trading on Friday.