Sherwin-Williams price target lowered to $267 from $285 at RBC Capital

RBC Capital analyst Arun Viswanathan lowered the firm’s price target on Sherwin-Williams to $267 from $285 but keeps an Outperform rating on the shares. The company should benefit from carried over volume backlogs and pricing actions in the first half of 2023, but the second half will depend on "how poor fundamentals actually get vs. expectations", the analyst tells investors in a research note, adding that near-term visibility is limited. Longer term, Sherwin-Williams is well positioned to benefit from U.S. housing fundamentals driven by undersupply and demographics, along with easier comps in FY24, the firm states.