UPDATE: Oppenheimer Upgrades RPM International to Perform on Sentiment
Oppenheimer upgraded RPM International (NYSE: RPM) from Underperform to Perform.
Oppenheimer commented, "We are upgrading RPM from Underperform to Perform, no change to estimates. The stock continues to run up despite trading at 17.1x FY14E and mixed 2Q13 results. RPM does not have any natural comps, and investors appear lately to value it like a paint company (SHW, VAL, PPG at 17-21x), although it has no architectural coatings exposure and has been normally seen as a diversified chemicals company, as evidenced by a 5- and 10-year average P/E of 13-14x. Separately, the shares have benefited from an easing of the historical discount related to RPM's acquisitiveness and asbestos liability."
RPM International closed at $31.35 on Monday.
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