Financial ProjectionsPrice target reduced to $150 from $160 on modest earnings reduction and lower multiples.
Market ConditionsLowering estimates to reflect likely near-term headwinds in automotive, packaging and industrial markets, and a more cautious stance on the timing and strength of a cyclical recovery.
Sector PerformanceIndustrial production choppy, auto OEM production slower into the end of the quarter to help work down inventory, EU decorative coatings still tempered by a cautious consumer, and Chinese demand soft at least into the summer.