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Fly News Breaks for January 31, 2020
Jan 31, 2020 | 06:26 EDT
Wells Fargo analyst Truman Patterson downgraded Sherwin-Williams to Equal Weight from Overweight with a price target of $600, down from $650 after the company missed Q4 estimates and 2020 EPS guidance came in 5% below his estimate. Given the uncertainties, Patterson tells investors in a research note that he cannot justify a 10% equity increase from here as valuation would be stretched. While he views the company as a best in class operator, he believes Sherwin-Williams will perform inline with his BP coverage. The analyst also questions whether the Performance Coatings Segment will be able to maintain pricing long-term in the face of a slowing global backdrop, as the segment's margins are historically.
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