PPG Industries Reports Solid 4Q Beat

Citigroup has published a research report on PPG Industries PPG after the company reported a solid beat on 4Q earnings. In the report, Citigroup writes "PPG finished 2010 on a strong note, with strength in chlor-alkali, optical and specialty materials, and aerospace helping push 4Q EPS to record-high levels. The company continues to perform well as previous cost-cutting measures and firming end markets have helped to offset ongoing raw material headwinds. While we are fans of PPG's execution and business model, we recently moved to the sidelines as we think much of the improvement in commodity chemicals and industrial coatings is factored into the stock price. As we shift from an early-cycle to a mid-cycle industry focus, we see limited upside in PPG." Citigroup maintains its Hold rating and $90 price target. PPG Industries closed yesterday at $81.36.