UPDATE: Jefferies Raises PT to $150 on PPG Industries on Potential Deal Accretion
Jefferies reiterated its Buy rating on PPG Industries (NYSE: PPG) and increased its price target from $140 to $150.
Jefferies commented, "Friday morning, PPG announced the acquisition of Akzo's architectural coatings business in North America, which adds 11% to PPG's 2013E sales and significantly increases operating leverage to a recovery in US housing. Coupled with the announced share buyback, we estimate the announcements imply a $0.54-$0.63 potential tailwind in 2014E."
PPG Industries closed at $129.93 on Friday.
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