BMO Capital lowered the firm’s price target on Sherwin-Williams to $280 from $300 but keeps an Outperform rating on the shares. The stock has been in the “sentiment penalty box” since July/August as rates drove concerns about end-markets and its “high-multiple”, but consensus estimates are likely needing to come higher, the analyst tells investors in a research note. Over the past 10 years Sherwin-Williams’ valuation has very rarely dipped to a 20-times expected earnings, and after each dip the stock snapped higher, the firm added, stating that the stock’s 2024 consensus looks too low given a “bounceable” valuation.
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Read More on SHW:
- Sherwin-Williams price target raised to $330 from $315 at RBC Capital
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- Sherwin-Williams price target lowered to $270 from $300 at Baird
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