Morgan Stanley analyst Vincent Andrews raised his price target on RPM shares to $70 from $60 after company management acknowledged that the addition of Elliott as a shareholder has opened up further margin opportunities that it hadn't previously considered. A reduction of working capital, combined with margin expansion, could double RPM's free cash flow conversion by 2021 and he believes the company should favor repurchasing stock over M&A during its cost structure and cash conversion transformation, he tells investors. Andrews reiterates an Overweight rating on RPM shares.