As previously reported, Credit Suisse analyst Christopher Parkinson downgraded PPG to Neutral from Outperform, with a $119 price target. The analyst believes the 15%-plus rally in the shares since the June low of about $100/share is justified, but it has run its relative course. While Parkinson sees a path to earnings growth in 2019 on better price/cost balance, a large buyback program, solid growth in Performance, and further progress on cost-cutting efforts, he believes the vast majority of these tailwinds are now priced-in.

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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."

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%.