Citi Raises PPG Industries (PPG) Target amid Broader Specialty Chemicals Outlook

PPG Industries, Inc. (NYSE:PPG) is included among the 10 Best Dividend Stocks to Buy for Passive Income.

Citi Raises PPG Industries (PPG) Target amid Broader Specialty Chemicals Outlook

On June 24, Citi raised its price recommendation on PPG Industries, Inc. (NYSE:PPG) to $125 from $114. It reiterated a Neutral rating on the stock. The firm updated its price targets across the specialty chemicals sector as part of its second-quarter earnings preview. Citi also named Ecolab as its top pick heading into earnings and initiated a pair trade, recommending an overweight position in Linde and an underweight position in Air Products.

Earlier, on June 15, BMO Capital raised its price goal on PPG to $140 from $135. It maintained its Outperform rating. Following the company’s detailed presentation on its aerospace business, the firm said it had gained greater confidence in the segment’s long-term growth prospects. Analyst John McNulty said in a research note that PPG is well-positioned across Commercial, Business, and Military aerospace markets, serving both the aftermarket and original equipment manufacturer (OEM) channels. He added that the company is expected to benefit from several growth trends across these segments.

PPG Industries, Inc. (NYSE:PPG) manufactures and distributes a wide range of paints, coatings, and specialty products. The company operates through three business segments: Global Architectural Coatings, Performance Coatings, and Industrial Coatings.

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