UPDATE: Jefferies Raises PT to $151 on PPG Industries on Spin-Off Adjustment
Jefferies reiterated its rating on PPG Industries (NYSE: PPG) and raised its price target from $150 to $151.
Jefferies commented, "PPG has started the process for splitting off the commodity chemicals business. The exchange offer is scheduled to expire the morning of January 28. We are adjusting our estimates to reflect a successful transaction: we are raising 2013E $0.30 to $6.75 and 2014E $0.45 to $7.95. We reiterate our Buy rating."
PPG Industries closed at $133.12 on Thursday.
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