JPMorgan analyst Jeffrey Zekauskas upgraded PPG Industries to Neutral from Underweight with a price target of $120, up from $108. The analyst thought that the share price would be penalized by demand weakness in the auto and industrial sectors. While right about the demand weakness, investors are gravitating to "higher quality companies" such as PPG, and giving PPG credit for its high gross margins and its leading market positions, Zekauskas tells investors in a research note. The analyst also believes PPG's volumes should compare well versus 2019's contractions.