PPG Industries (PPG) PT Raised to $125 at Mizuho

Mizuho analyst John Roberts raised the price target on PPG Industries (NYSE: PPG) to $125.00 (from $118.00) while maintaining a Outperform rating.

The analyst comments "Guided midpoint 2026 EPS at $7.90 (ex share repurchase) vs $8.15/$8.08 MSUSAe/ Bloomberg consensus. 2026e volume guide appears flattish given price (+1% in DecQ25) could account for much of flat-to-LSD sales guide. We believe implied Mar26 EPS guide ~$1.65 midpoint vs $1.78/$1.76 MSUSAe/Bloomberg on flattish volume and negative mix, reducing EBITDA margin by ~100bps Y/Y. Reported DecQ25 adj. EPS of $1.51 vs $1.60/$1.58 MSUSAe/Bloomberg consensus on +2% volume Y/Y. Acquired $100M stock in DecQ25 ($790M for FY25). MarQ26 raw materials guided flat Y/Y. Earlier reports from peer RPM (link) discussed similar challenging macro trends and stable raws. PT raised to $125 from $118 to reflect higher peer and market multiples."

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