Paint and coatings maker PPG Industries, Inc. ( PPG ) on Tuesday saw its coverage initiated with an "Outperform" rating by analysts at Wells Fargo.
The firm also set an $87 to $90 price range on PPG, suggesting up to a 23% upside to the stock's Monday closing price of $73.12.
A Wells analyst commented, "We believe the company's strong market positions, favorable mix, growing exposure to emerging markets, shareholder friendliness, and attractive valuation support our constructive thesis. The shares have declined 13% year to date, outpacing the 8% drop in the S&P 500, and are trading below peers. We introduce our 2011-12E EPS at $7.00 and $7.60."
PPG shares were unchanged in premarket trading Tuesday.
The Bottom Line
Shares of PPG Industries ( PPG ) have a 3.12% dividend yield, based on last night's closing stock price of $73.12. The stock has technical support in the $69-$71 price area. If the shares can firm up, we see overhead resistance around the $78-$80 price levels.
PPG Industries, Inc. ( PPG ) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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