UPDATE: JPMorgan Downgrades PPG Industries (PPG) to Neutral
JPMorgan analyst Jeffrey J. Zekaukas downgraded PPG Industries (NYSE: PPG) from Overweight to Neutral with a price target of $165.00.
The analyst comments "We lower our rating on PPG from Overweight to Neutral based on valuation. The PPG share price is now at our target level of $165 compared to $143 at the end of September. We think there is now a relatively low level of capital appreciation to be captured from the current share price. Shorter-term headwinds are larger. Paint prices are more likely to offset raw material inflation sometime in 1H:22 rather than at year-end 2021. PPG is contending with sharply lower volumes in the OEM auto sector, and to a lesser degree in the architectural paint business due to raw material supply shortages."
For an analyst ratings summary and ratings history on PPG Industries click here. For more ratings news on PPG Industries click here.
Shares of PPG Industries closed at $165.00 yesterday.