PPG downgraded to Neutral from Buy at Redburn Atlantic

Redburn Atlantic analyst Tony Jones downgraded PPG (PPG) to Neutral from Buy with a $160 price target. The firm says its positive thesis on the coatings companies has mostly played out. Margin recovery from deflation and sticky prices “remains under way but is hardly new,” and volume trends are mixed, the analyst tells investors in a research note. Redburn prefers Akzo (AKZOY) to PPG given saying the former’s turnaround potential could surprise.