PPG Industries to Release Q3 Earnings: Analyst Opinions and Key Insights
PPG Industries, Inc. (NYSE: PPG), a leading global paint and coatings manufacturer, is gearing up to release its third-quarter earnings after the market closes on Wednesday, October 16. Analysts are anticipating a strong performance from the Pittsburgh-based company, with expectations for earnings per share to surpass the previous year’s $2.07. Estimates suggest a figure of $2.15 per share for the current quarter.
Further bolstering the positive outlook, PPG projects revenue of $4.65 billion for the third quarter, according to data from Benzinga Pro. This anticipated growth comes on the heels of a significant strategic agreement that PPG signed with Shaw Industries on October 8. The deal centers on the development and distribution of resinous flooring products, showcasing PPG’s continued commitment to innovation and expansion.
PPG’s stock performance has mirrored the positive sentiment surrounding the company, closing at $129.87 on Tuesday, up 1.1%.
A Deep Dive into Analyst Sentiment
To gauge the market’s perspective on PPG’s future performance, it’s essential to consider the insights of key analysts:
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Keybanc analyst Aleksey Yefremov
maintained an Overweight rating for PPG stock on July 22, though he lowered the price target from $162 to $153. This analyst boasts an accuracy rate of 67%, indicating a solid track record in predicting stock movements.*
Citigroup analyst Patrick Cunningham
also kept a Buy rating for PPG, but similarly adjusted the price target downward from $145 to $144 on July 22. Cunningham’s accuracy rate stands at 72%, placing him among the more reliable analysts covering the stock.*
BMO Capital analyst John McNulty
also maintained an Outperform rating for PPG, reducing the price target from $165 to $161 on July 22. McNulty’s accuracy rate is 68%, suggesting a strong grasp of the company’s trajectory.*
Seaport Global analyst Michael Harrison
took a bullish stance on PPG, assuming coverage of the stock with a Buy rating on April 22, after previously holding a Neutral rating. Harrison’s accuracy rate of 70% further reinforces the positive sentiment surrounding PPG.*
Deutsche Bank analyst David Begleiter
remained optimistic about PPG, retaining a Buy rating while adjusting the price target down from $160 to $155 on April 22. Begleiter’s accuracy rate of 74% highlights his consistent ability to make accurate predictions.The consensus among these analysts is that PPG holds significant potential for investors. Their optimistic ratings, combined with the company’s robust third-quarter earnings expectations and strategic partnerships, suggest a promising future for the stock.