Argus Downgrades PPG Industries (PPG) to Hold
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Argus downgraded PPG Industries (NYSE: PPG) from Buy to Hold.
The downgrade reflects management’s reduced 3Q guidance in early October and subsequent report of a year-over-year decline in third-quarter earnings. Management expects slower volume growth in the near term, reflecting the impact of weaker economic conditions, especially in Europe.
The firm is lowering 2016 EPS estimate to $5.93 from $6.25 . They are also lowering 2017 EPS estimate to $6.43 from $6.93.
Shares of PPG Industries closed at $93.24 yesterday.
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