PPG downgraded to Equal Weight from Overweight at Barclays

Barclays downgraded PPG Industries to Equal Weight from Overweight with a price target of $149, down from $163. While refining PPG’s focus is likely the correct, difficult decision for the company, new disclosures likely add fuel to business performance concerns and hinder the stock’s valuation re-rating in the near-term, the analyst tells investors in a research note. The firm says the company’s North America architectural review adds a valuation overhang on the shares.