Deutsche Bank analysts provided their views on PPG Industries, Inc. (NYSE:PPG) following their meeting with the COO Tim Knavish.

According to the analysts, the meeting reinforced their confidence that the company is well positioned to generate earnings growth in 2023 as (1) price/cost should be a tailwind and (2) pent-up demand in the 40% of the company's portfolio that is still below pre-pandemic levels (Auto OEM, Refinish, Aerospace) should drive volume growth in these businesses even with potential recessionary conditions in the US and Europe.

With the stage set for an improved 2023, notwithstanding a challenging macroeconomic backdrop, and valuation of an attractive 15.3x 2023 EPS estimate, the analysts reiterated their Buy rating.