Wells Fargo upgraded PPG to Overweight from Equal Weight with a price target of $163, up from $150. The firm believes that Q2 will mark a turning point for volume growth for the company and sees “leverage to a recovery”, the analyst tells investors in a research note. PPG’s U.S. architectural coatings market exit is also the right strategic move, making $1.5B in free cash flow and divestiture proceeds available to accelerate stock buybacks, Wells Fargo added.
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