AkzoNobel shares lost ground on the Amsterdam Stock Exchange on Monday, as Berenberg lowered its price target for the paint and coatings manufacturer.

At 4:20 pm, the Dutch group's shares were down by around 0.4%, while at the same time the AEX index was losing 0.2%.

In a note, Berenberg explains that it expects the company to miss its adjusted Ebitda target for 2023, set at 1.45 billion euros, due to the recent depreciation of the Argentine peso.

The broker, who lowered his price target from 86 to 83 euros with a Buy recommendation, expects Akzo to continue to benefit from a favorable price effect and lower raw material costs, despite the tensions currently affecting shipping in the Red Sea.

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