UPDATE: Jefferies Raises PPG Industries' PT

According to a research report published earlier today, Jefferies has increased PPG Industries'

PT from $106 to $109. Jefferies commented in the report, “PPG preannounced a Q1 range of $1.75-$1.80. We expect the Q1 call to be split between cyclical datapoints, mix shifts, and questions around margin sustainability. We are raising Q1 EPS $0.33 to $1.80, and raising our 12-month price target $3 to $109, 12x 2013E EPS.” Jefferies maintains its Hold rating on PPG, which closed Friday at $96.29.