PPG price target lowered to $141 from $156 at RBC Capital

RBC Capital analyst Arun Viswanathan lowered the firm’s price target on PPG to $141 from $156 and keeps a Sector Perform rating on the shares after its Q1 results. The firm is reducing its FY24 and FY25 EPS estimates by 5c to $8.40 and $9.20 respectively to reflect continued weakness in DIY, Europe, Industrial, and softer near-term Auto OEM/Refinish markets, the analyst tells investors in a research note. RBC adds that it sees the stock as fairly valued at current levels, with no potential for upside.