Berenberg cuts PT on PPG Industries amid automotive refinish sales uncertainty
04/12/2025 11:55
** 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 (Reporting by Dharna Bafna in Bengaluru) ((dharna.bafna@thomsonreuters.com))