Sherwin-Williams downgraded to Sector Weight from Overweight at KeyBanc

KeyBanc downgraded Sherwin-Williams to Sector Weight from Overweight without a price target The firm expects good earnings at Sherwin-Williams but struggles with the stock’s valuation. The company’s execution on margin and share gains is continuing, but the stock’s valuation is “rich” following the 26% run since July 1, the analyst tells investors in a research note. The firm does not expect a material shift in Sherwin’s earnings trajectory given demand is near cycle lows and raw material costs are not likely to accelerate, but awaits a “better upside opportunity.”