Wells Fargo raised its price target for Sherwin-Williams to $565 from $510 following quarterly results. The firm reiterates an Outperform rating on the shares.

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.