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Fly News Breaks for April 24, 2019
Apr 24, 2019 | 09:35 EDT
BMO Capital analyst John McNulty raised his price target on Sherwin-Williams to $473 after its "mixed" Q1 results showing "margin recovery in Consumer and Performance Coatings" segments being offset by "disappointing volumes" and adverse effects. The analyst also attributes the subsequent stock price gains to the management's commentary that "contractors had unusually high backlogs" and anticipated relief in raw material costs in the back half. McNulty keeps his Market Perform rating on Sherwin-Williams however, noting that the valuation on the shares is already at "lofty levels."