Sherwin-Williams (NYSE:SHW) was lifted to Outperform from Market Perform at BMO Capital on Monday, with analysts raising the firm's price target on the stock to $275 per share from $269.
They stated that tailwinds have increased for the "high-quality" company.
"We see reasonable upside to our above consensus estimates with raw materials fading in the near-term and the housing markets showing signs that it may not be as bad as previously feared," the analysts wrote.
"With double-digit upside to our new target price of $275 and risk to the upside for consensus estimates (vs. downside for many names in our space) we see the risk/reward as relatively compelling and, as such, raise our rating to Outperform."
Sherwin-Williams shares are up more than 1% Monday at the time of writing.