Argus lowered the firm’s price target on Sherwin-Williams (SHW) to $400 from $405 and keeps a Buy rating on the shares after its Q3 earnings miss. The increase in consolidated net sales reflected higher sales in the Paint Stores Group and the impact from the 2023 acquisition of a German-based industrial coatings business, which benefited from sales volume growth and continued realization of higher selling prices implemented earlier in the year, the analyst tells investors in a research note. Despite lackluster results in this quarter, interest rate cuts and moderating inflation will provide a meaningful rebound in real estate demand and serve as a positive catalyst for home buying and paint sales, the firm added.
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