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Sherwin-Williams upgraded to Conviction Buy from Neutral at Goldman Sachs
Goldman Sachs analyst Robert Koort upgraded Sherwin-Williams to Buy from Neutral with a $590 price target and added the shares to Goldman's Conviction List. The shares are down 20% year-to-date on concerns on concerns regarding the pace of repair and remodel activity in the United States resulting from the global spread of COVID-19 and implementation of stay-at-home orders, Koort tells investors in a research note. However, share price declines for Sherwin are rare, and even more rare in periods of record low interest rates, declining input costs, and historically low housing inventories, says the analyst. As such, Koort sees a "unique long-term opportunity" with Sherwin-Williams shares at current levels