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Goldman Sachs says the 10 percent selloff in
The company expects third quarter EPS of $1.52-$1.54 versus Street at $1.71, attributed to unexpected weakness across European markets and deterioration of the Mexican peso.
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“Given its solid competitive positions and consistency in earnings and cash flow, PPG has not sustainably traded at a discount to the market since 2008 – a period when it held substantial exposure to commodity chemicals and glass,”analyst Robert Koort wrote in a note.
“At 14x forward EPS, we find the market is ignoring its evolution into a near pure-play coatings producer (peers AXTA, RPM, SHW trade at 17x-20x forward EPS). Further, we are encouraged to see a return of volume growth in 3Q (+1.5% yoy) despite Europe disappointing,” Koort noted.
For 2017, Koort expects improved volumes (2 percent) and better pricing (1 percent), as raw material inflation provides incentive to raise prices after years of stagnant pricing.
As such, the analyst reiterated his Buy rating, but cut the price target to $111 (from $119).
At time of writing, shares of PPG were down 0.22 percent to $92.10.
Crypto Whales Are Loading Up — Are You?
New research shows the biggest crypto buyers are back. And this time? They could hold for the possibility that Bitcoin will surpass $100,000 in 2024. You don’t want to miss the next massive crypto bull run like we saw in 2020 and 2021. To know exactly what’s going on and what to buy… Get Access To Benzinga’s Best Crypto Research and Investments For Only $1.