UBS downgraded PPG Industries to Neutral from Buy with a price target of $156, down from $173. The analyst is less constructive on PPG’s medium-term growth potential following its announced strategic review of coatings. While management logic for the review makes sense given the lower margin and growth of the unit, it highlights challenges within the business, the analyst tells investors in a research note. The firm believes PPG’s channel mix may lag and recover more slowly, and may need more investments to effectively compete.
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