RBC Capital raised the firm’s price target on Sherwin-Williams to $330 from $315 and keeps an Outperform rating on the shares. The analyst cites the company’s strong Q3 earnings beat and raised guidance while noting that its investments should drive above-market growth, even though in the near-term, Sherwin-Williams expects some demand choppiness, the analyst tells investors in a research note. New residential market remains weak, but Sherwin-Williams is outperforming in more than half of its markets including commercial, residential repaint, protective & marine, and elsewhere, the firm added.
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Read More on SHW:
- Sherwin-Williams price target lowered to $270 from $300 at Baird
- Sherwin-Williams sees Q4 revenue up or down in low-single digits
- Sherwin-Williams raises FY23 adj EPS view to $10.10-$10.30 from $9.30-$9.70
- The Sherwin-Williams Company Reports 2023 Third Quarter Financial Results
- Sherwin-Williams reports Q3 adjusted EPS $3.20, consensus $2.77