PPG price target lowered to $165 from $168 at BMO Capital

BMO Capital lowered the firm’s price target on PPG to $165 from $168 but keeps an Outperform rating on the shares. The stock appears undervalued at its 10-year valuation lows, but the company offers a benign raw material environment and a balance sheet and free cash flow that facilitate opportunistic actions and buybacks, the analyst tells investors in a research note. BMO further cites the outlook for a number of PPG businesses to see growth gradually grind higher over the next 12-18 months.