Jefferies Reiterates Buy on PPG Industries (PPG) - PT to $113

October 24, 2016 8:10 AM EDT
Get Alerts PPG Hot Sheet
Price: $96.22 --0%

Rating Summary:
    17 Buy, 5 Hold, 0 Sell

Rating Trend: Down Down

Today's Overall Ratings:
    Up: 16 | Down: 19 | New: 15
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Jefferies maintained a Buy rating on PPG Industries (NYSE: PPG), and cut the price target to $113.00 (from $129.00), following the company's 3Q earnings report. PPG reported 3Q EPS in-line with the pre-announced range of $1.54-$1.57. At the segment level, Industrial was $0.02 better than expected, and lower corporate costs offset a $0.06 miss in Performance Coatings and headwinds below the operating line.

Analyst Laurence Alexander commented, "Q3 EPS of $1.56 was in line with our estimate and the pre-announced range of $1.54-$1.57. PPG's combination of cash flow (6.6% average FCF yield before dividends in 2017E-2019E), balance sheet flexibility and cyclical leverage (esp. in Europe) should support a return to a market multiple, at least, in mid-2017. While catalysts are sparse near term, the risk/reward looks appealing after the recent sell-off, especially compared to the broader sector."

For an analyst ratings summary and ratings history on PPG Industries click here. For more ratings news on PPG Industries click here.

Shares of PPG Industries closed at $92.38 yesterday.



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