UPDATE: PPG Industries (PPG) PT Lowered to $120 at Argus

(updated to add analyst comment, market color)

Argus analyst William Celesky lowered the price target on PPG Industries (NYSE: PPG) to $120.00 (from $136.00) while maintaining a Buy rating.

The analyst comments: "While we believe that PPG's earnings are entering a near-term soft patch, we also believe that it is not a structural event but rather a temporary one. Longer-term, we anticipate that the earnings will rebound, on solid U.S. and Canadian end-market demand and improving volume growth in Europe, which accounts for nearly 30% of earnings. We also expect the company's restructuring efforts, along with higher pricing, to boost margins and offset the impact of raw material and logistic cost inflation on a longer-term basis."

PPG is trading down -0.25% in afternoon trading, while SPY is trading down -0.42%.

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