BUZZ-Berenberg cuts PT on PPG Industries amid automotive refinish sales uncertainty

Reuters

Dec 04

** Berenberg cuts price target on global paint supplier PPG Industries PPG.N to $110 from $131

** The new price target represents an 8.4% upside to the stock's last close

** Brokerage cites uncertainty around high-margin automotive refinish sales dropping sharply in Q3, suspecting a mix of higher insurance premiums, fewer road accidents and normal quarterly volatility

** "We are unsure that the automotive refinish market will improve to the extent that there is significant upside beyond a near-term valuation-led rally," -Berenberg

** 12 of 26 brokerages rate stock "buy" or higher and 14 "hold"; median PT is $118 - data compiled by LSEG

** As of last close, PPG down 15.1% YTD

(Reporting by Dharna Bafna in Bengaluru)

((dharna.bafna@thomsonreuters.com))

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