Sherwin-Williams PT cut by brokerages on conservative earnings outlook

SHW AG

27/01/2023 16:24

** Brokerages cut PT of commodity chemicals retailer
Sherwin-Williams Co  SHW.N  after co forecast
lower-than-expected adj. earnings for 2023 on Thursday   
    ** Co sees FY23 adj. EPS in range of $7.95-$8.65 vs avg
analysts' estimate of $10.12 - Refinitiv
    ** BMO Capital Markets("market perform") slashes PT to $231
from $283
    ** Brokerage says SHW's Q4 results were in line with
expectations but the outlook was 'shockingly worse'
    ** "Many parts of the guide seem overly conservative and we
see it as an incredibly low bar," says BMO
    ** CEO John Morikis had said that U.S. housing would be
under 'significant pressure' in 2023 with slowdown in existing
home sales and continued high inflation  
    ** Stock had fallen 32.6% last year
    ** Following brokerages also cut PT of SHW 
 Name of brokerage      PT change
 J.P. Morgan            $235 from $260
 Citi                   $251 from $270
 Mizuho                 $255 from $267
 Evercore ISI           $250 from $280
 UBS                    $253 from $255
 (Reporting by Sourasis Bose in Bengaluru)
 ((Sourasis.bose@thomsonreuters.com))