Citi upgrades Sherwin-Williams, raises price target for PPG Industries
ReutersDec 18, 2025 1:06 PM
Citi upgrades rating for global paint supplier Sherwin-Williams SHW.N and raises price target of peer PPG Industries PPG.N
For the paints and coatings industry, Citi sees limited M&A activity, organic growth focus, and selective bolt-on deals as the dominant strategy, with housing recovery and rate cuts being key macro drivers
Brokerage sees SHW benefiting from housing recovery and cost discipline, while PPG is well-positioned in high-growth niches with valuation support and operational tailwinds
Brokerage changes PT and rating for:
Companies | Old PT | New PT | Upside to Wednesday's close | Rating change |
Sherwin-Williams SHW.N | $392 | $390 | 18.9% | Upgrades to "buy" from "neutral" |
PPG Industries PPG.N | $116 | $120 | 15.7% | - |
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