UPDATE: Credit Suisse Reiterates Underperform Rating, Raises PT on Sherwin-Williams
In a report published Friday, Credit Suisse Group reiterated its Underperform rating on Sherwin-Williams Company (NYSE: SHW), and raised its price target from $110.00 to $115.00.
Credit Suisse noted, “Following SHW's 2Q results, we are raising our 2012 EPS estimate to $6.35 from $6.14 (management raised guidance to $6.20-6.40) to reflect the 2Q beat, marginally weaker revenues in 2H (partly owing to FX headwinds as well as tougher Y/Y comps) and higher margins in 2H than we previously expected as SHW benefits from continued operating leverage from volume growth as well as a more benign raw material environment than previously expected. We are also increasing our 2013 EPS to $7.48 (from $7.12), which mainly reflects better margins from less raw material pressure than we had been modeling.”
Sherwin-Williams Company closed on Thursday at $132.43.
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