BMO Capital analyst John McNulty raised the firm’s price target on RPM to $120 from $119 and keeps an Outperform rating on the shares. The company put up a solid quarter that was driven by a solid recovery in CPG, which is proving to be more resilient than expected due to exposure to repair/remodel versus new construction, raw costs relief, and MAP efficiencies, the analyst tells investors in a research note. The firm is also raising its FY24 EPS view on RPM to $5.02 from $4.92.
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Read More on RPM:
- RPM price target lowered to $106 from $110 at Wells Fargo
- Options Volatility and Implied Earnings Moves Today, October 04, 2023
- RPM sees Q2 sales growth low-single digits, consensus $1.85B
- RPM backs FY24 sales growth mind-single digits, consensus $7.56B
- RPM reports Q1 adjusted EPS $1.64, consensus $1.55
