UPDATE: Jefferies Upgrades PPG Industries to Buy on Activism-Enhanced Shareholder Value

Jefferies raised its rating on PPG Industries PPG from Hold to Buy and increased its price target from $117 to $135. Jefferies noted, "PPG's activist approach to enhancing shareholder value, coupled with a robust balance sheet, suggest the risk/reward is improving. … We are adjusting our forecasts to reflect the upcoming divestiture of the chlor-alkali business, more caution on end market momentum in 2H12 (particularly in Europe & electronics), and a 1% lower volume growth assumption across the portfolio for 2013-2014. We expect raw material trends to be net favorable in 2H12." PPG Industries closed at $113.14 on Friday.