Deutsche Bank analyst David Begleiter raised his price target for PPG Industries to $120 from $114 saying recent meetings with management reinforced his confidence that now is the time to own the stock. The company's year-over-year gross margins should expand in the first half of 2019 s selling price increases catch up to higher raw material costs, Begleiter tells investors in a research note. He views PPG's current valuation as attractive and keeps a Buy rating on the shares.

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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%.