PPG Industries (PPG) faces limited risk to Aerospace growth prospects but soft macros could weigh on its other businesses, RBC Capital Markets said in a Tuesday note.

The company forecast mid-to-high single digit growth for 2025 to 2028 Aerospace compound annual growth rate, the note said, following a deep dive event into its Aerospace business.

"We see minimal risk," the report said, pointing to its "robust" backlog of $315 million.

But RBC analysts expect soft macros to remain headwinds for many of PPG's other businesses, including Arch EMEA, Auto OEM, Refinish, and Industrial.

RBC kept its sector perform rating and $119 price target.

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