Goldman Sachs Downgrades Chemicals to Neutral; Cuts PX and SHW

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Goldman Sachs downgrades Chemicals from Attractive to Neutral saying recent global economic data point to a more muted growth outlook in the near term.

As part of the change, Goldman downgraded Praxair Inc. (NYSE: PX) from Buy to Neutral and Sherwin-Williams Co. (NYSE: SHW) from Neutral to Sell.

The firm adjusted 12-month price targets in the sector by -8% on average.

Price target changes:

• Albemarle Corp. (NYSE: ALB) (Buy) from $53 to $50
  
• Celanese Corp. (NYSE: CE) (Neutral) from $32 to $29
  
• Huntsman Corporation (NYSE: HUN) (CL-Buy) from $15 to $13
  
• Compass Minerals International Inc. (NYSE: CMP) (Neutral) from $87 to $85
  
• Cytec Industries Inc. (NYSE: CYT) (Sell) from $42 to $40
  
• The Dow Chemical Company (NYSE: DOW) (CL-Buy) from $40 to $35
  
• EI DuPont de Nemours & Co. (NYSE: DD) (Neutral) from $42 to $40
  
• Eastman Chemical Co. (NYSE: EMN) (Buy) from $82 to $76
  
• Ecolab Inc. (NYSE: ECL) (Neutral) from $54 to $52
  
• Nalco Holding Co. (NYSE: NLC) (Neutral) from $26 to $25
  
• PPG Industries Inc. (NYSE: PPG) (Neutral) from $75 to $71
  
• Praxair Inc. (NYSE: PX) (Neutral) from $95 to $91
  
• Rockwood Holdings Inc. (NYSE: ROC) (Neutral) from $29 to $26
  
• Sherwin-Williams Co. (NYSE: SHW) (Sell) from $77 to $71
  
• Sigma-Aldrich Corporation (Nasdaq: SIAL) (Neutral) from $61 to $57
  
• Valspar Corp. (NYSE: VAL) (Buy) from $40 to $38
  
• Westlake Chemical Corp. (NYSE: WLK) (Sell) from $21 to $18

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