BUZZ-Citi upgrades Sherwin-Williams, raises price target for PPG Industries

Reuters12-18 21:06
BUZZ-Citi upgrades Sherwin-Williams, raises price target for PPG Industries

** Citi upgrades rating for global paint supplier Sherwin-Williams SHW.N and raises price target of peer PPG Industries PPG.N

** For the paints and coatings industry, Citi sees limited M&A activity, organic growth focus, and selective bolt-on deals as the dominant strategy, with housing recovery and rate cuts being key macro drivers

** Brokerage sees SHW benefiting from housing recovery and cost discipline, while PPG is well-positioned in high-growth niches with valuation support and operational tailwinds

Brokerage changes PT and rating for:

Companies

Old PT

New PT

Upside to Wednesday's close

Rating change

Sherwin-Williams SHW.N

$392

$390

18.9%

Upgrades to "buy" from "neutral"

PPG Industries PPG.N

$116

$120

15.7%

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(Reporting by Sumit Saha in Bengaluru)

((Sumit.Saha@thomsonreuters.com;))

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