PPG price target raised to $163 from $158 at Barclays

Barclays raised the firm’s price target on PPG to $163 from $158 and keeps an Overweight rating on the shares. The analyst says belief in peaking rates and six quarters of destocking have led to some renewed optimism in materials shares. The firm ask if this is the start of a new cycle or another head-fake like last year’s “China reopening”? It is unclear, says Barclays, which is staying cautious with barbelled positioning in chemicals and packaging.