PPG price target lowered to $129 from $131 at BofA

BofA lowered the firm’s price target on PPG (PPG) to $129 from $131 and keeps a Neutral rating on the shares as part of a broader research note previewing Q3 results among Chemicals names. Entering the second half of the year, the macro setup and company messaging is “decidedly negative”, and the commodity businesses which ended Q2 on stronger footing have recently seen slippage, while industrial end markets remain highly inconsistent, the analyst tells investors in a research note. Hopes that a lack of seasonal strength in Q2 would translate to softer Q4 seasonality seem dashed, BofA added.