UPDATE: Citi Raises PT on PPG Industries to $100 (PPG)

Citi is out with its report today on PPG Industries PPG, raising its PT from $90 to $100. In a note to clients, Citi writes, "We increase our target price to $100 due to a 1x increase in our forward P/E target multiple (to 15x) and a 0.5x increase in our target EV/EBITDA multiple (to 8x). In our view, increased multiples are warranted given the company's ability to sustain margins and are inline with coatings peers." Citi maintains Hold on PPG. Shares of PPG closed Wednesday at $95.93, up 5.89% from Tuesday's close.