PPG price target raised to $139 from $110 at Citi

Citi analyst P.J. Juvekar raised the firm’s price target on PPG to $139 from $110 and keeps a Neutral rating on the shares. Juvekar says that while there is an inclination to go back to cyclical chemical names after having lagged in 2022, he has decided to "stay defensive" going into 2023. He believes the impact of higher rates and uncertainty of the China reopening situation is likely to continue to impact the industry. "A faster China recovery would push us towards cyclicals," Juvekar tells investors in a research note. He recommends focusing on defensive names and believes it is too early to jump into commodities.