Citigroup analyst Patrick Cunningham made a series of moves across the specialty chemicals sector Wednesday, lifting targets on SHW and LIN while slashing IFF.
Cunningham raised his target on Sherwin-Williams to $380, up from $355. He kept a Buy rating. The coatings giant has a market cap of $79 billion. Short sellers are largely absent, with SI just 3.5% of free float.
The bolder call was on Linde. Cunningham set a $600 target, up $15 from $585, reiterating Buy. Linde trades at $237 billion in market cap. It is one of the most thinly shorted large-caps around, with SI at just 1.4% of free float.
IFF was the outlier. Cunningham cut his target from $96 to $88, despite keeping a Buy. That is a 8% target reduction. IFF carries higher short interest at 7% of free float. The consensus on IFF is deeply bearish — 16 analysts rate it a Sell against just 4 Holds.
PPG Industries also got a target raise from Citi, to $125 from $114. Broader consensus targets on Sherwin-Williams and Ecolab also edged higher Wednesday, pointing to quiet optimism across the coatings and chemicals space.
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