Sherwin-Williams (SHW) PT Lowered to $377 at BMO Capital

BMO Capital analyst John McNulty lowered the price target on Sherwin-Williams (NYSE: SHW) to $377.00 (from $385.00) while maintaining a Outperform rating.

The analyst commented, "SHW 1Q was disappointing, as weather and customer project delays in the seasonally light 1Q more than offset early share gains tied to competitor issues.
The misstep was admittedly frustrating (following an upbeat NDR), we continue to see upside to SHW's FY24 guide as solid price, benign raws/share gains should bridge the tough housing environment all drive DD growth. Also, the 2024 share gains should amplify SHW's results in 2025/26 when housing improves with eventual rate cuts. As such, we reiterate our OP despite likely near-term volatility tied to rates."

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