PPG upgraded to Overweight from Neutral at JPMorgan

JPMorgan analyst Jeffrey Zekauskas upgraded PPG Industries to Overweight from Neutral with a price target of $156, up from $130. The analyst thinks PPG is underearning as a base case, in excess of $2.00 per share. The company’s earnings could be substantially higher as the current level of raw material prices becomes reflected in PPG’s income statement, the analyst tells investors in a research note. The firm says PPG shares "may be an appropriate equity holding despite a weakening 2023/2024 global economy."