Morgan Stanley Raises Price Target On Sherwin-Williams, Sees 12% Upside

Morgan Stanley analyst Vincent Andrews raised Sherwin-Williams Co (NYSE:SHW) price target to $345 from $315, implying a 12.85% upside, and maintains an Overweight rating.
Morgan Stanley analyst Vincent Andrews following his meeting with Sherwin CEO John Morikis said he had increased conviction in the "core tenets" of his Sherwin thesis, namely that the significant backlog in pro paint demand is likely to continue well into 2022.
He adds that Sherwin will continue to gain market share and that raw material cost/availability versus price achievement "will ultimately play out in Sherwin's favor."
Recently Sherwin-Williams acquired the European industrial coatings business of Sika AG. Sales of the business were CHF75 million ($82 million) for the year ended December 31, 2020.
Price Action: SHW shares are trading higher by 1.43% at $306.96 on the last check Friday.

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