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PPG price target raised to $155 from $146 at Wells Fargo » 08:2410/2110/21/20
Wells Fargo analyst…
Wells Fargo analyst Michael Sison raised the firm's price target on PPG to $155 from $146 and keeps an Overweight rating on the shares. The analyst notes that PPG delivered "strong" EPS growth in Q3 with growth expected in Q4 and is poised to deliver mid-teens EPS growth in 2021 anchored by lower structural costs. While Q4 will likely dip on a sequential basis, Sison expects the march to normalized volumes to resume in 2021, with PPG positioned with significant leverage to the upside when cyclical end markets recover.
PPG price target raised to $155 from $150 at Deutsche Bank » 07:1210/2110/21/20
Deutsche Bank analyst…
Deutsche Bank analyst David Begleiter raised the firm's price target on PPG to $155 from $150 and keeps a Buy rating on the shares following the company's Q3 results.
PPG price target raised to $140 from $120 at Morgan Stanley » 07:1910/2010/20/20
Morgan Stanley analyst…
Morgan Stanley analyst Vincent Andrews raised the firm's price target on PPG to $140 from $120 and keeps an Equal Weight rating on the shares. He now concludes that pent-up paint demand from COVID-19 for "do it for me" paint jobs is greater than he previously thought. Consensus has yet to factor in that paint demand is higher post-COVID than it was pre-COVID and average selling prices are higher, but costs of production are lower, Andrews argues.
PPG sees Q4 total company sales volumes down low to mid single digit percentage 07:1610/2010/20/20
PPG sees Q4 interest expense $28M-$30M 07:1510/2010/20/20
PPG sees additional $30M-$35M of savings from restructuring programs in Q4 07:1410/2010/20/20
PPG: COVID-19 pandemic significantly impacting demand for coatings products » 07:1410/2010/20/20
PPG said in prepared…
PPG said in prepared remarks ahead of its Q3 earnings call that the pandemic is still significantly impacting demand for coatings products in certain sectors, most notably the global commercial aerospace, marine, and protective coatings products that support the energy markets.
Fly Intel: After-Hours Movers » 18:5310/1910/19/20
CCK, ZION, ELS, APTX, ACOR, IVA, ATEC, SPNE, HXL, IBM, PPG, PHR, BLU
Check out this evening's…
PPG sees Q4 adjusted EPS $1.50-$1.57, consensus $1.44 16:1710/1910/19/20
PPG reports Q3 adjusted EPS $1.93, consensus $1.92 » 16:1610/1910/19/20
Reports Q3 revenue $3.7B,…
Reports Q3 revenue $3.7B, consensus $3.65B. "As reported earlier this month, we delivered record operating results in the third quarter, with both of our reportable business segments delivering higher segment income than the prior year, despite continued, negative pandemic-related economic effects," said Michael H. McGarry, PPG chairman and chief executive officer. "Strong year-over-year organic sales growth in global architectural coatings and continued cost management drove earnings growth in our Performance Coatings reporting segment. In addition, our leading technology and service capabilities benefited us as demand for automotive OEM coatings and general industrial coatings began recovering in the quarter, generating strong PPG operating leverage and boosting earnings in our Industrial Coatings reporting segment."