Bank of America Merrill Lynch Reiterates Buy Rating, $139 PT on PPG Industries

In a report published Monday, Bank of America Merrill Lynch reiterated its Buy rating and $139.00 price target on PPG Industries

. BofA Merrill Lynch noted, “We like PPG's Optical business and the portfolio's improved mix, diminished cyclicality, higher growth, and strong cash flow net of pension and other liabilities. Recent declines in key raw materials, such as propylene, bode well for margins, in our view. While overweight exposure to Europe gives us pause, much of this exposure is via architectural coatings, where volumes have been depressed for years. Ongoing restructuring efforts should help as well.” PPG Industries closed on Friday at $129.93.