BMO Capital analyst John McNulty lowered his price target on RPM to $69 but kept his Outperform rating after its Q3 earnings beat, saying the results countered some of the concerns around a tough quarter for U.S. housing, a weak European economy, and headwinds from FX. The analyst is also positive on the impact of the company's "solid cost cutting", which may become more evident in Q4 and its "aggressive buyback" while outperforming its peers in terms of earnings growth. McNulty attributes the slight reduction in his price target to the risk of "continued weakness in Europe, FX headwinds, and a slightly more conservative absolute margin" assumption.