Barclays Raises PT & Estimates on PPG Industries (PPG); Strong Q1 and Large Cash Balance Sheet

Barclays maintains an 'Equalweight' on PPG Industries (NYSE: PPG) price target raised from $105 to $118.

Analyst, Duffy Fischer, said, "PPG reported Q1'12 EPS of $1.81 which was above the pre-announced range of $1.75-$1.80 and $1.44 consensus at the time of pre-announcement. Catalysts for the quarter were strong business conditions in North America and Asia as well as year over year growth in several end markets including aerospace, optical, auto OEM, industrial and architectural coatings. The combined segments represent roughly half of PPG's total sales."

Fischer sees PPG's large cash balance ($1bln) benefitting investors with dividends, repurchases, covering of debt/pensions and possible M&A. Barclays raises FY12 from $7.85 to $8.08 and FY13 from $8.30 to $9.06.

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 $101.01 yesterday.

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