Jefferies Boosts Price Target of PPG Industries (PPG)
On Monday analysts at Jefferies raised the price target of PPG Industries, Inc. (PPG) due to potential asset growth following an acquisition.
Jefferies analysts now see shares of PPG reaching $150, a 15.4% upside from Friday’s closing price of $129.93. The analysts maintain a “Buy” rating for PPG.
On Friday PPG Industries announced that it has a definitive agreement to acquire the North American architectural coatings business of AzkoNobel, leading to Jefferies’ new valuation of the company.
PPG Industries shares were flat in premarket trading on Monday. The stock is up +55.62% year-to-date.
The Bottom Line
Shares of PPG Industries (PPG) have a 1.82% dividend yield, based on Friday’s closing stock price of $129.93. The stock has technical support in the $119-$120 price area. The shares are trading near all-time highs.
PPG Industries, Inc. (PPG) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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