BofA Securities analyst Steve Byrne removed his sell rating and upgraded S&P 500 component company Sherwin-Williams (NYSE: SHW | SHW Price Prediction) to neutral this morning with a $375 price target. Doing a bit of a victory lap, Byrne commented:
“When we downgraded shares to Underperform, we were concerned about a deceleration in housing markets and sell-side estimates that were overly optimistic. Fundamentally, the thesis has played out, as same-store sales growth has declined to 0.8% and 2Q results and guidance fell short of expectations. From here, [however] we have run short of negative catalysts and do not see what would make shares materially underperform.”
Hence, “neutral” is the right rating to make. It’s not impressing investors overly, however, and Sherwin-Williams stock is down 1.2% today. The Voo, on the other hand, is now precisely flat, either up or down 0.00%.
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The Vanguard S&P 500 ETF closed Thursday almost flat at 592.77, down just 0.01%.
Baird analyst Michael Ha upgraded CVS Health (NYSE: CVS) stock to outperform this morning, with a $82 price target. In an acronym-laden update, the analyst also warned of downside risk in leading healthcare stock (and like CVS, an S&P 500 component stock) UnitedHealth Group (NYSE: UNH).
UnitedHealth stock is down 0.5%. CVS is up 1.1%.
Department store operator Dillard’s (NYSE: DDS) — not an S&P 500 component — absolutely crushed on earnings this morning, delivering $4.66 per share in Q2 profit versus the $3.51 analysts had expected. Revenue for the quarter squeaked past forecasts at $1.51 billion.
Dillard’s stock is nonetheless down nearly 2% in the first few minutes of trading. The Voo is off 0.25%.
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