PPG downgraded to Neutral from Buy at BofA

BofA downgraded PPG (PPG) to Neutral from Buy with a price target of $126, down from $143. Tariffs increase raw material inflation and hurt demand, says the firm, whose coatings raw material aggregator still shows limited reinflation in 2025 and year-over-year inflation building to over 1% by 2026. While PPG’s housing exposure has been reduced, the firm still sees risk to the remaining Mexico-based Comex business if tariffs persist and slow down the Mexican economy, BofA added.