Investing.com - Goldman Sachs lowered its price target on Sherwin-Williams stock (NYSE: SHW) to $410 from $420 while maintaining a Buy rating, citing slightly lower peer multiples. The firm reduced its valuation multiple to 29.8x from 30x on its 2027 earnings estimate. Sherwin-Williams has traded between 17x and 31x over the last six years.

Goldman Sachs also adjusted price targets on several other coatings and chemicals companies. The firm raised its price target on Axta Coating Systems (NYSE: AXTA) to $38 from $36 with a Buy rating, applying a higher 12.8x multiple from 12.0x to reflect normalized earnings levels. PPG Industries (NYSE: PPG) saw its price target lowered to $128 from $131 with a Buy rating, as Goldman reduced its multiple to 14.3x from 14.4x on 2027 earnings estimates.

Goldman's industry checks throughout the quarter showed architectural coatings tracking in line with expectations against a low base, with underlying demand remaining slow and stable. The auto OEM and refinish market appeared more dynamic than anticipated, with auto builds lower than expected and weaker August to September demand improvement. Raw materials are expected to represent a larger headwind than previously forecast due to recent oil price increases, likely impacting the fourth quarter and first half of 2027.

In the titanium dioxide market, pricing remained generally positive throughout the third quarter, with market participants expressing confidence that stable pricing trends will continue through year-end. Volume performance has been region-specific, with Europe and Brazil facing pressure from Chinese imports. TiO2 inventories remain tight, with most Western producers operating at high utilization rates of practical capacity.

Goldman lowered its price target on Tronox (NYSE: TROX) to $4 from $6.5 with a Sell rating, applying an 8.4x multiple from 9.4x on fiscal 2027 EBITDA estimates to reflect elevated headwinds. The firm maintained its Sell rating and $8 price target on Kronos Worldwide (NYSE: KRO) based on a 7.7x EV/EBITDA multiple on 2027 estimates. Chemours (NYSE: CC) received a Neutral rating with a price target of $16, down from $17, using an unchanged 7.6x EV/EBITDA multiple on 2027 EBITDA.