UPDATE: Jefferies Reiterates Buy Rating, Raises PT on PPG Industries on Solid Q1 Results, Bolstered Outlook

In a report published Monday, Jefferies analyst Laurence Alexander reiterated a Buy rating on PPG Industries PPG, and raised the price target from $163.00 to $165.00. In the report, Alexander noted, “PPG delivered a solid Q1 ($0.04 above consensus, $0.25 above our forecast), with productivity and share gains supplementing a choppy demand environment: core coatings profits rose 13% even with sharp sales declines in EMEA. PPG also raised its synergy target for Akzo $40m to $200m over the next 3 years. We reiterate our Buy rating.” PPG Industries closed on Friday at $141.59.