UPDATE: Morgan Stanley Reiterates Equal-Weight Rating, Raises PT on PPG Industries

In a report published Friday, Morgan Stanley reiterated its Equal-Weight rating on PPG Industries (NYSE: PPG), and raised its price target from $136.00 to $142.00.Morgan Stanley noted, “PPG shares have rallied strongly into earnings results, reflecting positive industry trends, the culmination of the commodity chems split-off, and optimism around the acquisition of Akzo-Nobel's North American assets...Raising estimates and price target to reflect Akzo-Nobel acquisition and higher margin trends. Our 2013-2014 EPS estimates increase by 3-4%, and our price target rises to $142. We remain Equal-weight.”PPG Industries closed on Thursday at $141.77.