PPG price target raised to $128 from $118 at Credit Suisse

Credit Suisse analyst John Roberts raised the firm’s price target on PPG (PPG) to $128 from $118 and keeps an Underperform rating on the shares. The company this morning preannounced upside to its March quarter results as volumes benefitted from less China pandemic disruption and likely favorable weather, the analyst tells investors in a research note. The firm views the news as positive for RPM (RPM), Axalta Coating (AXTA) and maybe Sherwin-Williams (SHW). It is0 unclear how much of PPG U.S. architectural coatings upside was new customer wins versus the underlying market, so the read-through for Sherwin-Williams is less clear, contends Credit Suisse.