Morgan Stanley Updates Its Model For Valspar Following F1Q14 Report

In a report published Friday, Morgan Stanley analyst Charles A. Dan reiterated an Underweight rating and $67.00 price target on

. In the report, Morgan Stanley noted, “We are trimming our F14 estimates, as Paint margins are unlikely to expand by as much as we had forecast and traction with B&Q gets pushed further out. Expectations are likely still too high for F14-15. We do not believe the recent rally is justified by the fundamentals.” Valspar closed on Friday at $75.08.