Bank of America Securities analyst Salvator Tiano maintained a Hold rating on PPG Industries (PPG – Research Report) today and set a price target of $129.00.
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Salvator Tiano has given his Hold rating due to a combination of factors that reflect PPG Industries’ current strategic direction and market position. The company is focusing on organic growth, with a shift in strategy under CEO Tim Knavish, who prioritizes research and development over mergers and acquisitions. This strategic pivot aims to drive market share gains through innovation, as evidenced by the recent updates shared during the Innovation Day event at the Allison Park Innovation Center.
While PPG has set measurable targets for its R&D initiatives, the company is still in the process of executing these plans. The unchanged estimates and the maintenance of a Neutral rating suggest that while there is potential for growth, it is contingent upon PPG’s ability to successfully implement its innovation-driven strategy. The current price objective of $129 reflects this cautious optimism, as the market awaits further evidence of consistent and above-market organic growth that could lead to valuation expansion.
Tiano covers the Basic Materials sector, focusing on stocks such as Celanese, Huntsman, and Bunge Global. According to TipRanks, Tiano has an average return of -8.0% and a 45.65% success rate on recommended stocks.
In another report released yesterday, RBC Capital also maintained a Hold rating on the stock with a $113.00 price target.