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Nomura reiterated its Buy rating on Sherwin-Williams
SHW and raised its price target from $160 to $170.
Nomura commented, "SHW's acquisition of Comex (unlisted) for $2.3bn adds exposure to under-penetrated markets such as Mexico and Western US. With sales equal to 15% of SHW's base, Comex increases SHW's leverage to improving underlying trends. Added reach creates economies of scale and introduces synergy into the mix. SHW expects over $1.00 in EPS accretion by ‘15, equal to nearly 10% accretion off of our baseline ‘14 estimate of $10.50. The acquisition adds a positive catalyst, reiterate Buy, bump target to $170 on added growth and synergy."
Sherwin-Williams closed at $149.06 on Monday.
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