Oppenheimer Downgrades RPM International (RPM)

Oppenheimer & Co. downgraded shares of RPM International Inc. RPM on valuation concerns. It was downgraded from Outperform to Perform. It has a $21 price target on shares. In a note sent to clients, Oppenheimer writes, "We downgrade RPM from Outperform to Perform as the stock now trades above our $21/share price target, which we withdraw. At 16.2x '11E P/E, RPM is valued at the high end of the chemicals group and an 18% premium to the S&P vs. a typical discount. RPM has a stable of strong consumer and industrial brands, and sports an attractive 3.8% dividend, which it has raised for 37 consecutive years, but we believe shares are now fully valued." Shares of RPM gained 20 cents yesterday to close at $22.30.