PPG Industries Inc (PPG) shares are surging 7.11% in pre-market trading on Wednesday, following the company's impressive first-quarter earnings report and a series of analyst upgrades. The global paint supplier's strong performance in its coatings segment and cost-saving initiatives have bolstered investor confidence.

PPG reported a first-quarter adjusted profit of $1.72 per share, surpassing analyst expectations of $1.62 per share, according to data compiled by LSEG. The company's performance coatings segment was a standout, with net sales rising to $1.27 billion compared to $1.18 billion a year earlier. This robust performance has prompted several analysts to revise their outlook on PPG stock.

Mizuho raised its price target for PPG to $125 from $118, implying a 20.4% upside from the stock's previous close. UBS also increased its target price to $111 from $110. These upgrades reflect growing optimism about PPG's future prospects. Adding to the positive sentiment, PPG expects to deliver $75 million in annual savings this year, along with additional cost management actions. The company has reaffirmed its full-year 2025 adjusted earnings per share guidance of $7.75 to $8.05, demonstrating confidence in its ongoing momentum and ability to navigate global economic conditions.