Citigroup Reports on Sherwin-Williams (SHW)

In a report released yesterday, Citigroup commented on Sherwin-Williams SHW. In the report, Citigroup was mixed in its assessment of the company. Citigroup writes, “SHW announced that the company will increase prices at its stores by 7-9% effective June 6th. This represents the fourth price increase in the past 14 months, with the previous increases totaling 16%. While SHW was successful in fully achieving the previous price hikes, management anticipates that acceptance of the latest pricing action may be more difficult, which in our view is potentially due to continued weakness in the US housing market and the possible pushback from customers given the magnitude of the price increases last year.” Citigroup has a Hold rating on Sherwin-Williams and a price target of $87.00. Shares of the company closed the trading day at $86.12, up $1.38 from the opening bell.