PPG Industries "neutral weight," target price raised

11/29/04 - Prudential Financial

NEW YORK, November 29 (newratings.com) - Analyst Andrew F Rosenfeld of Prudential Financial maintains his "neutral weight" rating on PPG Industries (PPG), while raising his estimates for the company. The target price has been raised from $64 to $65.

In a research note published this morning, the analyst mentions that the negative effects of the rising raw material prices on PPG Industries' coating and glass segments are likely to be offset by improving margins at the company's Chlorine and caustic segments, the analyst says. The EPS estimates for 2004 and 2005 have been raised from $3.98 to $4.00 and from $4.33 to $4.65, respectively.