Citi analyst P.J. Juvekar lowered the firm’s price target on Sherwin-Williams to $251 from $270 and keeps a Neutral rating on the shares following the earnings call. A depressed U.S. housing outlook from weaker single family permits and single family starts is expected to create a difficult operating environment for Sherwin’s architectural and pro end markets, the analyst tells investors in a research note. The firm lowered fiscal 2023 earnings estimate by 17% on the back of weaker topline growth and taking down average operating margin.
Published first on TheFly
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