UBS analyst Joshua Spector lowered the firm’s price target on PPG to $150 from $156 and keeps a Neutral rating on the shares. The company’s Q1 earnigns were in line with estimats but the issue in the quarter was that volumes were weaker across essentially all Performance segment end markets which, with lower volume leverage, led to lower margins, the analyst tells investors in a research note. PPG’s flat pricing in the quarter was also modestly worse than the 1% increased expected by UBS, the firm states.
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