BUZZ-Sherwin-Williams falls after Citi cuts PT, downgrades stock to 'neutral'

Reuters
06/13
BUZZ-Sherwin-Williams falls after Citi cuts PT, downgrades stock to 'neutral'

** Shares of paints and coating maker Sherwin-Williams SHW.N fall 1.6% to $350.45 premarket

** Brokerage Citi Research downgrades stock to "neutral" from "buy", cuts PT to $385 from $405

** New PT implies an 8.1% premium to stock's last close

** Citi says the downgrade reflects delayed recovery in the housing market stemming from elevated rates, sluggish existing home sales and challenging homebuilder environment

** 17 of 30 brokerages rate the stock "buy" or higher, 11 "hold" and two "sell" or lower; their median PT is $400 - LSEG data

** As of last close, stock is up 4.8% YTD

(Reporting by Vallari Srivastava in Bengaluru)

((Srivastava.Vallari@thomsonreuters.com;))

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