After PPG (PPG) made a second, EUR 88 per share bid for Akzo Nobel (AKZOY) and the bid was rejected, RBC Capital analyst Arun Viswanathan says that a hypothetical EUR 100 per share bid is "a fair value and one Akzo might be more willing to accept." The analyst says that such a deal would be accretive for PPG if it was done in all cash.

Mizuho analyst John Roberts lowered the firm's price target on PPG to $166 from $175 and keeps a Buy rating on the shares. The company reported an in-line quarter and overall volume was down 2%, the analyst tells investors in a research note. The firm cites lower market multiples for the target drop.

UBS lowered the firm's price target on PPG to $150 from $156 and keeps a Neutral rating on the shares. The firm does not see PPG's Q1 results or updated guidance as enough to meaningfully change key debates on the stock.

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Sees FY24 organic sales growth up low single digits.

PPG "announced that its board of directors has authorized the repurchase of $2.5 billion of outstanding common stock. The authorization is effective immediately, does not expire, and gives management discretion in determining the conditions under which shares may be purchased. This program is in addition to the company's existing share repurchase authorization, which was approved in December 2017 and had approximately $860 million remaining as of March 31, 2024. Repurchases will be made in accordance with applicable securities laws in the open market or in privately negotiated transactions. Repurchases may commence or cease without prior notice depending on economic and equity market conditions, magnitude of other cash uses, including pace and timing of acquisitions, and other factors."

Barclays lowered the firm's price target on AkzoNobel to EUR 94 from EUR 96 and keeps an Overweight rating on the shares.

Pre-earnings options volume in PPG Industries is 1.5x normal with calls leading puts 4:3. Implied volatility suggests the market is anticipating a move near 3.4%, or $4.60, after results are released. Median move over the past eight quarters is 2.6%.