Goldman Sachs Downgrades Akzo Nobel, PT -24%

Goldman Sachs downgraded Akzo Nobel NV to neutral from buy, cutting its 12‑month price target to €54 from €71 (≈24% reduction).
Adjusted EBITDA for FY26 revised down 8.4% to €1.33 bn, 10% below consensus and below the company’s guidance of >€1.47 bn.
Goldman Sachs estimates a 20% raw‑material cost rise will create a €300 m annual headwind, translating to a €150‑200 m EBITDA drag in H2 2026.
The note cut EPS forecasts FY26‑FY28 by up to 19.4% and valuation to €47/share, implying ~10% upside from the €49.20 price.