Lehman cuts PPG to market perform

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.