Credit Suisse analyst Christopher Parkinson maintained a Neutral rating on PPG and cut his price target to $112 following the company's quarterly earnings report on Thursday. In a research note to investors, Parkinson said that while it is "encouraging" that PPG's pricing is beginning to outpace cost inflation, y/y margin recovery is still several quarters away. The analyst says he sees the potential for a positive set-up in 2H and views the story as relatively "de-risked" given lower guidance, he remains on the sidelines as PPG is far from "out of the woods."