Lehman cuts PPG to market perform

Lehman Bros. said on Wednesday it cut its rating, earnings per share view and its 12-month price target on PPG Industries Inc. as further weakening in the auto and construction industries could hurt the paints, glass and coatings maker's earnings.

The brokerage said it cut PPG's rating to "market perform" from "buy" "in anticipation of a continuing slowdown in industrial production, especially the automotive sector and construction."Lehman cut PPG's 12-month target to $50 from $60 and its fiscal 2001 EPS view to $2.69 from $3.27."Given that PPG derives 41 percent of its sales from the auto and construction industry, potential further weakening in these sectors would affect PPG earnings," Lehman said in a research note.

Shares of PPG closed at $47 on the New York Stock Exchange on Tuesday.

600450 Lehman cuts PPG to market perform glassonweb.com

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