UPDATE: Bank of America Merrill Lynch Upgrades Sherwin-Williams to Buy

Bank of America Merrill Lynch is out with its report today on Sherwin-Williams SHW, upgrading SHW to Buy from Neutral. In its report, Bank of America Merrill Lynch writes, "Our rating moves to Buy from Neutral. Relative to other stocks in our coverage, we see more limited downside risk as US housing has been dreadful for years. Meanwhile, nascent pressure on crude oil could translate to raw material cost relief and gross margin upside in 2012 as selling prices for paint tend to be sticky." Bank of America Merrill Lynch has a $90 PO on SHW. Shares of SHW closed Tuesday at $73.19, up 3.24% from Monday's close.