Goldman Sachs Upgrades PPG From Neutral to Buy
Investment management firm Goldman Sachs upgraded PPG Industries' stock recommendation from 'neutral' to a 'buy' position yesterday based largely on the performance of its chemical, optical and aerospace departments.
The change in status is a result of PPG's diversification, and increased sales in the chemical and coating industries, according to Goldman Sachs. PPG's chemical and coatings industries have been identified as having a greater potential for growth than their glass holdings.
This announcement comes approximately one month after PPG enlisted the services of Goldman Sachs to investigate the sale of PPG's automotive OEM glass and automotive replacement glass and services businesses. Due to a decline in earnings over the past two years, Goldman Sachs identified PPG's glass businesses as 'slow growth' businesses that were not adding sufficient value to the company's growth.
CLICK HERE to read the glassBYTEs.com story on PPG's decision to sell their autoglass businesses.
HERE for more detailed financial information.
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