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

KeyBanc lowered the firm’s price target on PPG to $164 from $167 and keeps an Overweight rating on the shares. The firm remains constructive on the sector given potential for cyclical upside and favorable energy markets, but believes a more selective approach near-term is prudent following the recent rally. The upcoming earnings season is unlikely to be the positive catalyst the bulls are looking for, but KeyBanc remains optimistic on the second half of 2024 and 2025.