PPG price target raised to $124 from $115 at Wells Fargo

Wells Fargo analyst Michael Sison raised the firm’s price target on PPG to $124 from $115 and keeps an Equal Weight rating on the shares. The analyst remains on the sidelines as he believes negative volume and EPS growth year-over-year during the first half of 2023 will limit upside in the stock near-term. He also remains below the street for 2023 and does not expect benefits from pricing/deflation to materialize until the second half of 2023.