Jefferies Upgrades PPG Industries (PPG) to Buy; Moving in Right Direction

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Jefferies upgraded PPG Industries (NYSE: PPG) from Hold to Buy with a price target of $135.00 (from $117.00).

Analyst, Laurence Alexander, said, "PPG's activist approach to enhancing shareholder value, coupled with a robust balance sheet, suggest the risk/reward is improving. We are adjusting estimates for the upcoming divestiture, and raising our price target to $135, 21% total return."

FY12 EPS estimate cut from $9.05 to $6.75 and FY13 from $9.70 to $7.85.

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 $113.14 yesterday, with a 52 week range of $66.43-$114.62.

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