UPDATE: SunTrust Upgrades PPG Industries (PPG) to Buy
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(updated to add analyst comments)
SunTrust analyst James Sheehan upgraded PPG Industries (NYSE: PPG) from Hold to Buy with a $132 price target.
The analyst commented, "PPG is trading at 12.1x 2021E EBITDA, close to a historically-wide 7 turn discount to its closest peer, Sherwin Williams (SHW, NR). In our view, this discount has persisted over time due to PPG’s more diverse portfolio, which includes significant industrial and non-US exposure vs SHW’s heavier weighting of architectural business in North America. We expect PPG’svaluation discount to narrow in the next few quarters as investors start to focus on its prospects for margin expansion, demand recovery in several markets and balance sheet optionality. We upgrade from Hold to Buy."
Shares of PPG Industries closed at $111.88 yesterday.
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