UPDATE: Nomura Equity Research Downgrades Sherwin-Williams Company to Neutral, Reiterates $170 PT

In a report published Wednesday, Nomura Equity Research downgraded its rating on Sherwin-Williams Company

from Buy to Neutral, but reiterated its $170.00 price target. Nomura Equity noted, “We are lowering our rating on Sherwin-Williams shares to Neutral from Buy. The reason for the change is that SHW shares have approached our $170 objective and now leave only modest upside. Our estimates and target are both unchanged. Since launching on SHW this March, we have asserted that SHW has the potential to earn $15 in EPS over time versus $6.65 of expected EPS in the current year. Growth was expected to come from strong volume recovery, moderate price action and a gross margin surge.” Sherwin-Williams Company closed on Tuesday at $157.15.