Sherwin-Williams price target lowered to $260 from $270 at Loop Capital

Loop Capital analyst Garik Shmois lowered the firm’s price target on Sherwin-Williams to $260 from $270 but keeps a Buy rating on the shares. The company’s Q4 results outperformed as stronger Consumer and Performance Coatings revenue led to the beat, but the FY23 guidance was extremely light with weaker broad based expectations across all segments given the slowing housing market, inflationary pressures on residential repaint / DIY, and cyclical/industrial concerns across Performance Coatings, the analyst tells investors in a research note. The firm adds however that the guide has likely gotten the bad news now out of the way and has re-set the bar "appropriately lower".