PPG upgraded to Buy at Seaport on volume recovery, attractive valuation

As previously reported, Seaport Research upgraded PPG to Buy from Neutral with a $175 price target. PPG reported in-line Q1 results, as margin strength helped to offset volume weakness, notes the firm, which thinks this “could be a pattern we see from other companies in the coatings and broader chemical space.” Following the report, the firm cites an “attractive combination of margin momentum, volume recovery, and reasonable valuation” for its increased rating on the shares.