Sherwin-Williams should benefit from strong paint volumes

KeyBanc upgrades Sherwin-Williams (SHW) to BUY from HOLD with a $220 price target. Key points:

As well as being a beneficiary of recovering residential paint volume, we believe an improvement in the U.S. non-residential market will offer an additional tailwind to its Paint Store Group (PSG) moving forward - we estimate non-residential is about 35-40% of PSG’s total volume.

Contractor channel checks remain firmly positive, with many of them indicating that prices are likely moving higher in 2014.

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