BUZZ-Berenberg cuts PT on PPG Industries amid automotive refinish sales uncertainty
Berenberg has reduced its price target for PPG Industries from $131 to $110, citing uncertainty in automotive refinish sales due to factors like higher insurance premiums and fewer road accidents. The new target suggests an 8.4% upside from the last close. Currently, 12 out of 26 brokerages rate the stock as "buy" or higher, with a median price target of $118. PPG's stock is down 15.1% year-to-date.
Berenberg cuts price target on global paint supplier PPG Industries (PPG.N) to $110 from $131
The new price target represents an 8.4% upside to the stock’s last close
Brokerage cites uncertainty around high-margin automotive refinish sales dropping sharply in Q3, suspecting a mix of higher insurance premiums, fewer road accidents and normal quarterly volatility
“We are unsure that the automotive refinish market will improve to the extent that there is significant upside beyond a near-term valuation-led rally,” -Berenberg
12 of 26 brokerages rate stock “buy” or higher and 14 “hold”; median PT is $118 - data compiled by LSEG
As of last close, PPG down 15.1% YTD
