Goldman Sachs Raises Its Price Target on PPG Industries to $104 (PPG)

Goldman Sachs is out with its report today on PPG Industries PPG, raising its price target on PPG from $103 to $104. In its note to clients, Goldman Sachs writes, "We expect PPG to deliver strong earnings results in 2011 and beyond and demonstrate the power of its excellent coatings franchise.We are raising our 2011 and 2012 EPS estimates by $0.05 each to incorporate additional growth from acquisitions and a lower share count from more substantial repurchase activity. We are also raising our 12-month price target by $1, to $104, or = 16.5X our new $6.30, 2011 EPS estimate, and reiterating our conviction Buy rating." Shares of PPG closed Friday at $83.23.