JPMorgan downgraded PPG (PPG) to Neutral from Overweight with a price target of $115, down from $145. The auto industry in 2025 is not growing, and PPG is giving up share, the analyst tells investors in a research note. The firm says Axalta (AXTA) appears to have better demand characteristics and better margin characteristics as well as lower valuation relative to PPG for 2025. The European construction markets are struggling and PPG is a cyclical company, contends JPMorgan.
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