Sherwin-Williams: A Fresh Coat

研报英文原文证据摘录

Sherwin-Williams: A Fresh Coat

J P M O R G A N North America Equity Research

28 July 2026

Sherwin-Williams Overweight

SHW, SHW US

A Fresh Coat Price (28 Jul 26):$354.27

▲Price Target (Dec-27):$380.00

Prior (Dec-26):$365.00

We think Sherwin’s 2026 business fundamentals have become more positive in

2026. Our sales growth expectations are somewhat higher for each of Sherwin’s Chemicals: Specialty, Commodity,

Agricultural, and Paper & Packagingthree major business segments. Our improved volume growth expectations reflect

anticipated market share gains and not an improvement in underlying market Jeffrey J. Zekauskas AC

growth: Sherwin is now complementing its industrial coatings price increases with (1-212) 622-6644

jeffrey.zekauskas@jpmorgan.com

architectural paint price increases.

Silke Kueck

(1-212) 622-6503

silke.x.kueck@jpmorgan.com

● Sherwin plans an 8% price increase for the Paint Stores Division for

Katie Zhang

September 1, 2026. The company delayed its architectural paint price

(1-212) 622-3262

initiative for 2026 in order not to undermine customer profits in its seasonal katie.zhang@jpmchase.com

business activity. The September paint price increase allows Sherwin’s paint Lydia Huang

contractor customer base to purchase paint for 2026 in advance of the increase (1-212) 622-0086

as construction business activity tapers off into the end of the year. lydia.huang@jpmorgan.com

J.P. Morgan Securities LLC

● Our sales expectations for its three divisions are all higher by two to three

percentage points. The Paint Stores division should grow MSD for the year,

instead of LSD. Consumer Brands should grow at a mid-teens rate instead of Key Changes (FYE Dec)

low-double digits. Performance Coatings is to grow MSD instead of LSD. We Prev Cur Δ

Adj. EPS - 26E ($) 11.50 12.15 5.6%