UPDATE: Hilliard Lyons Downgrades Sherwin-Williams to Neutral

Hilliard Lyons has published a research report on Sherwin-Williams

and has downgraded the company from Long-Term Buy to Neutral after the stock price rose recently. In the report, Hilliard Lyons writes, "We feel SHW has effectively dealt with a difficult housing environment. With cost reduction and share repurchases, we feel EPS growth could accelerate when conditions improve. At this time, SHW shares are trading at almost 18 times our 2012 EPS estimate, which we feel reflects this positive outlook. The company's Board of Directors authorized a 20 million share repurchase program. SHW has just about completed the current 30 million share program." Sherwin-Williams is currently trading down $0.88 from yesterday's $98.03 closing price.