JPMorgan upgrades PPG to Overweight with business prospects bottoming
JPMorgan analyst Jeffrey Zekauskas upgraded PPG Industries to Overweight from Neutral and raised his price target for the shares to $105 from $103. The company's business prospects, exclusive of a recessionary environment, "are probably touching bottom now," Zekauskas tells investors in a research note. Raw material costs are no longer rising, the analyst says, and he does not expect further near-term upward movement in propylene or in titanium dioxide raw material prices. Further, while the rate of price improvement in paints and coatings products "remains slow," it may accelerate, Zekauskas tells investors in a research note.