Fly News Breaks for January 22, 2020
Jan 22, 2020 | 06:50 EDT
BMO Capital analyst John McNulty lowered his price target on PPG to $136 and kept his Market Perform rating following its 2020 guidance. The analyst notes that the 4%-9% earnings growth forecast was disappointing to investors looking for a double-digit increase given the easy 2019 volume comps and continued margin relief. McNulty believes however that the outlook was "conservative" and that PPG has a "reasonable chance" to hit the high end of the range, even though he prefers to await a better entry point given the stock's "full valuation".
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