Wells Fargo raised the firm’s price target on RPM to $110 from $85 and keeps an Equal Weight rating on the shares given strong momentum in the stock, now trading at FY24 EV/EBITDA of 14.4-times. The firm believes current valuation discounts a better outlook for FY24 due to better demand, which could trough in Q1 2024 and $100M in cost savings.
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