PPG price target lowered to $161 from $165 at BMO Capital

BMO Capital analyst John McNulty lowered the firm’s price target on PPG to $161 from $165 but keeps an Outperform rating on the shares after its Q2 results and update guidance. The company had to modestly trim its 2024 outlook on slower Autos and European Arch, but the stock looks oversold on these concerns and the pending U.S. / Canadian asset review/sale, the analyst tells investors in a research note. BMO adds that with high-single-digit EPS growth in 2024 despite numerous headwinds improving to low-teens in FY25/FY26, along with significant cash going to buybacks, PPG shares look “washed out and offering compelling risk/reward”.