UPDATE: Jefferies Raises PT to $109 on PPG Industries

Jefferies increases its price target from $106 to $109 on Hold-rated PPG Industries PPG as the company pre-announces Q1 range. Jefferies comments, "PPG preannounced a Q1 range of $1.75-$1.80. We expect the Q1 call to be split between cyclical datapoints, mix shifts, and questions around margin sustainability. We are raising Q1 EPS $0.33 to $1.80, and raising our 12-month price target $3 to $109, 12x 2013E EPS." PPG closed at $96.26 on Friday.