UPDATE: BofA Securities Downgrades Masco (MAS) to Neutral

BofA Securities analyst Rafe Jadrosich downgraded Masco (NYSE: MAS) from Buy to Neutral with a price target of $55.00 (down from $75.00) on 8.5X 2023 EV/EBITDA.

The analyst stated "In addition to plumbing cost pressure, raw material costs continue to rise in architectural coatings (TiO2, tin), (2) moderation in paint: Masco’s BEHR paint brand has reported healthy growth over the two quarters, but do-it-yourself (65% of paint sales) still faces very tough comparisons and improving supply chain at key competitors (especially Sherwin) could reverse some of BEHR’s share gains, and (3) weaker Europe macro environment: MAS generates around 20% of operating profit from Europe."

For an analyst ratings summary and ratings history on Masco click here. For more ratings news on Masco click here.

Shares of Masco closed at $50.67 yesterday.

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