S&P Capital IQ Reiterates its STRONG BUY Rating on PPG Industries, Target Price Reduced

October 21 00:00 2011

NEW YORK, October 21 (RainbowNewsLine.com) – Analyst Leo Larkin of S&P Capital IQ reiterates his STRONG BUY rating on the shares of PPG Industries Inc (NYSE:PPG), while raising his estimates for the company. The target price has been reduced from $110 to $105.

Analyst Leo Larkin, in a research note published yesterday, mentions that the company reported Q3 EPS ahead of the estimates and the consensus, driven by 11.2% sales growth. Both sales and EPS profited from the company’s increased pricing move which neutralized the overall low volumes, the analyst says. The EPS estimate for 2011 has been raised from $ 6.80 to 6.96. The target price is reduced reflecting the concerns over global economic growth, the analyst adds.