PPG Industries (PPG) PT Lowered to $141 at RBC Capital

RBC Capital analyst Arun Viswanathan lowered the price target on PPG Industries (NYSE: PPG) to $141.00 (from $156.00) while maintaining a Sector Perform rating.

The analyst comments "For PPG, we still model positive price/cost (positive for AXTA/SHW), anticipated volume growth momentum in 2H, and strength in Aerospace, Comex, Auto OEM (China/EVs), Packaging, and increased buybacks. However, we adjust our 2QE EPS/EBITDA and FY24E/25E EBITDA slightly lower on continued weakness in DIY, Europe, Industrial, and softer near-term Auto OEM/Refinish (likely also a negative for AXTA). As a result, we maintain our SP rating and lower our PT to $141 from $156 on 12x our FY24E EBITDA, down from 13x on weaker volume expectations."

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