Sherwin-Williams downgraded to Neutral from Buy at Seaport Research

Seaport Research analyst Michael Harrison downgraded Sherwin-Williams to Neutral from Buy without a price target. While the fundamental setup for earnings growth in 2024 should be favorable, valuations have increased in the past three months, leaving the firm less optimistic on broad outperformance for the chemicals group, the analyst tells investors in a research note. Seaport believes the time is right to step to the sidelines on high-quality large-cap names that are approaching its previous price targets.