Sherwin-Williams (SHW) PT Lowered to $385 at Mizuho

Mizuho analyst John Roberts lowered the price target on Sherwin-Williams (NYSE: SHW) to $385.00 (from $400.00) while maintaining a Outperform rating.

The analyst commented: 'Implied 2H25e EPS guide midpt of $5.72 vs $5.75/$5.80 MSUSAe/Bloomberg cons. Reported JunQ25 adj. EPS of $3.38 vs $3.85/$3.81 MSUSAe/cons. Sales guide for SepQ25 ~$6.2B+/- vs $6.4B/$6.3B MSUSAe/cons. DecQ25 implied ~$5.3B+/- vs $5.5B/$5.5B MSUSAe/cons. SHW reduced its full-year EPS guidance range to $11.20-$11.50 (midpt: $11.35) from $11.65-$12.05 (midpt $11.85).

JunQ25 same-store sales +0.8% Y/Y, including modest price & LSD% decline in volume. Anticipated 2H25 modest headwinds from new HQ & R&D site completions began earlier in JunQ, as well as restructuring costs. Core SG&A costs rose 3.8% Y/Y. BASF Brazil architectural paint deal ($1.15B) still expected 2H25 closing. SHW (+27 other firms) will participate at Mizuho Industrials & Chemicals Conference in NYC on Aug 13.

Reflecting the ongoing softness in housing activity we trim our 2025E/2026E/2027E EPS to $11.25/$12.65/$14.25 (from $11.85/$13.25/$14.90). PT reduced to $385 from $400."

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