PPG price target raised to $169 from $162 at KeyBanc

KeyBanc analyst Aleksey Yefremov raised the firm’s price target on PPG to $169 from $162 and keeps an Overweight rating on the shares. The firm was "impressed" by PPG’s ability to continue to deliver strong earnings in a challenging operating environment. Commentary from management reinforces why KeyBanc thinks the company is one of the most attractive stories in chemicals now given its ability to maintain pricing and limited volume pressure. The firm believes declines in raw material costs are likely to be more pronounced in the second half of the year as current Q2 guidance assumes just a low single digit decline year-over-year.