PPG price target lowered to $164 from $167 at BofA

BofA analyst Steve Byrne lowered the firm’s price target on PPG to $164 from $167 and keeps a Buy rating on the shares. While the firm remains constructive on PPG’s ability to drive share gains from cross selling and technology transfers between the company’s platform of coatings businesses, the firm’s Q2 and 2024 EPS fall to $2.52 and $8.45 from $2.54 and $8.55, respectively, reflecting lingering headwinds from index pricing and a more near-term Refinish outlook.