Sherwin-Williams (SHW) PT Raised to $386 at BMO Capital

BMO Capital analyst John McNulty raised the price target on Sherwin-Williams (NYSE: SHW) to $386.00 (from $360.00) while maintaining a Outperform rating.

The analyst commented, "We think ENPH’s introduction of 3Q 2024 guidance was good enough relative to expectations for revenues ($390 MM midpoint vs. BMO $402 MM/consensus $404 MM). Importantly channel inventory is finally normal. Battery mix vs. microinverters embedded in 3Q guidance suggests residential PV demand is stable but weak. ENPH comments suggest it still sees a path to $450 MM quarterly revenue run-rate by 4Q. FCF generation/liquidity remain positive differentiators. That said, ENPH trades at a meaningful premium to broader market ahead of election uncertainty. Remain Market Perform, raising target to $115/share."

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