Jefferies Reiterates Buy on PPG Industries (PPG) Following In-Line 2Q - PT to $129
Jefferies reiterated a Buy rating on PPG Industries (NYSE: PPG), and raised the price target to $129.00 (from $127.00), following the company's 2Q earnings report. EPS of $1.85 was in line with consensus. F/X was a $0.04 headwind to EPS.
Analyst Laurence Alexander commented, "Q2 was "new typical": limited volume growth (softness in architectural offsetting growth in industrial and auto OEM), limited pricing (productivity and raw materials driving margins), and progress tidying up the portfolio. Despite have an extra $0.5bn coming in from the sale of flat glass, PPG has not revised its capital deployment plans, opting to fund pension and asbestos obligations."
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Shares of PPG Industries closed at $108.59 yesterday.