PPG price target lowered to $130 from $135 at Wells Fargo

Wells Fargo lowered the firm’s price target on PPG (PPG) to $130 from $135 and keeps an Overweight rating on the shares. The war in Iran has led to “broad-based” inflation across most commodity chains, flowing down to coatings raw materials, the analyst tells investors in a research note. Wells says that in addition to margin pressure from the higher costs, sales results for coatings names will be pressured by a tougher macro backdrop as affordability remains challenging.