PPG price target lowered to $159 from $170 at BofA

BofA analyst Steve Byrne lowered the firm’s price target on PPG to $159 from $170 and keeps a Buy rating on the shares. The firm sees several signs that petrochemical fundamentals are “near the bottom,” but notes that while the firm’s petrochemical sentiment index bottomed in July it has not yet flipped to a bullish outlook. In that context, the “challenge will be striking a balance between buying trough earnings and weathering poor” Q3 results, the analyst tells investors.