PPG price target raised to $149 from $144 at Argus

Argus analyst Bill Selesky raised the firm’s price target on PPG to $149 from $144 and keeps a Buy rating on the shares. The company’s Q4 earnings were down from last year on lower volume as manufacturing activity slowed in several regions, the analyst tells investors in a research note, also cutting his FY23 EPS view by 32c to $7.04 on the risk that economic recovery in China – where the company has 19 manufacturing sites – may be slower than expected. Selesky adds however that he is assuming 2024 earnings growth of 13% amid higher pricing, lower input costs, and improved demand, especially in China.