Nomura Says Comex Deal a Positive Catalyst for Sherwin-Williams (SHW), PT Raised to $170

Nomura Securities bumped its price target on Buy-rated Sherwin-Williams (NYSE: SHW) from $160 to $170 following the acquisition of Comex.

The firm notes the deal adds exposure to under-penetrated markets such as Mexico and Western US.

"With sales equal to 15% of SHW's base, Comex increases SHW's leverage to improving underlying trends," analyst Aram Rubinson notes. "Added reach creates economies of scale and introduces synergy into the mix. SHW expects over $1.00 in EPS accretion by ‘15, equal to nearly 10% accretion off of our baseline ‘14 estimate of $10.50. The acquisition adds a positive catalyst..."

For an analyst ratings summary and ratings history on Sherwin-Williams click here. For more ratings news on Sherwin-Williams click here.

Shares of Sherwin-Williams closed at $149.06 yesterday.

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