PPG price target lowered to $144 from $145 at Citi

Citi analyst Patrick Cunningham lowered the firm’s price target on PPG to $144 from $145 and keeps a Buy rating on the shares following quarterly results. PPG expressed confidence in Refinish as it is still in the very early innings of launching the productivity and digital ecosystem, the firm pointed out in a research note on Friday. Geographically, PPG expects positive performance across all Refinish markets except for Europe. Overall, European volumes were worse than expected, particularly at the end of the quarter in June as PPG saw incremental downtime from certain assembly plants in the US and Europe and tepid performance in France. Aerospace remains one of performance drivers as PPG upgrades and modernizes manufacturing to increase output in businesses where demand has outpaced industry supply.