BofA raised the firm’s price target on RPM to $99 from $97 and keeps an Underperform rating on the shares after the company posted fiscal Q1 adjusted EPS above the firm’s expectations and consensus. The firm’s Q2 EPS forecasts rises to $1.22 and its FY24 EPS view rises to $5.00 following the beat and it is more constructive about RPM’s service and restoration model, but the firm remains concerned about further slowdowns in construction end markets, the analyst tells investors.
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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
