Today's noteworthy downgrades include: Baytex Energy (BTE) downgraded to Sector Performer from Outperformer at CIBC... CarMax (KMX) downgraded to Perform from Outperform at Oppenheimer... Cytec Industries (CYT) downgraded to Hold from Buy at Jefferies... LG Display (LPL) downgraded to Underperform from Neutral at BofA/Merrill... Magna (MGA) downgraded to Sector Performer from Outperformer at CIBC... Norilsk Nickel (NILSY) downgraded to Neutral from Overweight at JPMorgan... Sherwin-Williams (SHW) downgraded to Neutral from Buy at Longbow... Volkswagen (VLKAY) downgraded to Hold from Buy at Deutsche Bank.

Goldman Sachs upgraded LG Display to Neutral from Sell with a price target of KRW 11,000, up from KRW 10,759. The analyst sees a more balanced risk/reward as the firm expects the company's earnings to bottom out from the large operating losses during the last couple of years amid a solid OLED shipment recovery.

RBC Capital lowered the firm's price target on Sherwin-Williams to $370 from $380 but keeps an Outperform rating on the shares after its Q1 results and below-consensus guide. The company's investments and ramp-up of pricing realization through 2024 should support above-market growth, while volume upside should further fuel its margin expansion, the analyst tells investors in a research note. Recovery in new residential business, strong share gains, growth in protective/marine and greater than expected capital return could also provide upside to current FY24 guidance, the firm added.

KeyBanc analyst Aleksey Yefremov last night upgraded Sherwin-Williams to Overweight from Sector Weight with a $400 price target. The analyst recommends taking advantage of the 13% pullback in shares since the recent peak in late March. The firm acknowledges a "somewhat less confident" Q1 print and more questions about volume outlook for 2024 on higher interest rates, but believes investors should focus on Sherwin-Williams' volume recovery story that it expects to unfold in 2025 and 2026. KeyBanc expects the company to continue taking share in architectural paint.

BMO Capital lowered the firm's price target on Sherwin-Williams to $377 from $385 but keeps an Outperform rating on the shares. The company's Q1 results disappointed, as weather and customer project delays in the seasonally light Q1 more than offset early share gains tied to competitor issues, but its expected market share gains should amplify results in 2025/26 when housing improves with eventual interest rate cuts, the analyst tells investors in a research note.

Baird analyst Ghansham Panjabi raised the firm's price target on Sherwin-Williams to $310 from $300 and keeps a Neutral rating on the shares. The firm said in their opinion, current end-market weakness is a function of the lagged impact of previous increases in interest rates, noting that while raw material cost deflation was a partial offset, the recent up-tick in upstream input costs points toward a peak margin backdrop for Sherwin-Williams and peers.