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Morgan Stanley's Vincent Andrews raised their price target on Sherwin Williams Co (NYSE: SHW) by 2.6% from $385 to $395 on 2026/07/29. The analyst maintained their Strong Buy rating on the stock.

Sherwin-Williams reported its Q2 2026 earnings.

Raising their price target, Andrews looked ahead and opined that the quarter's results "provided a taste of what is possible."

The analyst said that ongoing housing macro challenges and false starts notwithstanding, they remain firmly positive on Sherwin-Williams' market share opportunity.

Earnings Report

For Q2 2026, Sherwin-Williams reported:

• EPS of $3.70, which beat the Zacks Consensus Estimate of $3.56 and Q2 2025's $3.38.
• Revenue of $6.79B, which beat the Zacks Consensus Estimate by 2.58% and Q2 2025's $6.31B.

Management guided:

For Q3 2026:

• Mid to high-single digit Y/Y revenue growth.

For FY 2026:

• EPS of $10.92 to $11.32.
• Mid to high-single digit Y/Y revenue growth.

Chair, President & CEO Heidi G. Petz commented: "Sherwin-Williams delivered strong second quarter results and continued to outperform the market despite ongoing global uncertainty and no meaningful improvement in demand.

"Sales improvement was driven by continued growth investments, new account wins and increased share of wallet, and exceeded guidance on a consolidated basis and across all three reportable segments.

"We also implemented pricing actions to offset raw material inflation that pressured our gross margin in the quarter.

"Adjusted EBITDA and diluted earnings per share rose approximately 10% year over year, and adjusted EBITDA margin grew 60 basis points to 21.5%.

"Net operating cash improved by 21% in the quarter, and free cash flow conversion in the quarter was 86%.

"We returned $1.46 billion to shareholders through dividends and share repurchases.

"Our team remains focused on executing our customer-centered strategy while controlling what we can control amidst a challenging macro-economic backdrop."