Citi upgrades Sherwin-Williams, raises price target for PPG Industries

PPG Industries

18/12/2025 13:06

** Citi upgrades rating for global paint supplier Sherwin-Williams SHW.N and raises price target of peer PPG Industries PPG.N

** For the paints and coatings industry, Citi sees limited M&A activity, organic growth focus, and selective bolt-on deals as the dominant strategy, with housing recovery and rate cuts being key macro drivers

** Brokerage sees SHW benefiting from housing recovery and cost discipline, while PPG is well-positioned in high-growth niches with valuation support and operational tailwinds

Brokerage changes PT and rating for:

Companies
Old PT
New PT
Upside to Wednesday's close
Rating change
Sherwin-Williams SHW.N
$392
$390
18.9%
Upgrades to "buy" from "neutral"
PPG Industries PPG.N
$116
$120
15.7%
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 (Reporting by Sumit Saha in Bengaluru)

 ((Sumit.Saha@thomsonreuters.com;))