Goldman Sachs analyst Robert Koort removed PPG Industries from his firm's Americas Conviction List while maintaining a Buy rating on the shares. The analyst says that while he believes PPG "boasts a degree of cyclical leverage" in the event of an improvement in general macroeconomic trends given its exposures to Europe, Asia, and the auto-cycle, he prefers exposure to companies with more meaningful volume and margin uplift potential. Koort adds, however, that PPG's valuation is "undemanding" on a historical basis and the company has significant balance sheet flexibility to drive in-organic growth or repurchase shares.