Citigroup, Inc (NYSE: C) Downgrades Valspar (NYSE: VAL) to “hold”

Citigroup, Inc (NYSE: C) equities research analysts downgraded shares of Valspar (NYSE: VAL) from a “buy” rating to a “hold” rating in a research note to investors on Thursday, with a price target of $32.00 citing declining paint sales.

The Valspar Corporation is a coating and paints manufacturer and distributor. It manufactures and distributes a portfolio of coatings, paints and related products. The Company operates its business in two reportable segments: Coatings and Paints.Coatings segment includes a range of decorative and protective coatings for metal, wood and plastic, primarily for sale to original equipment manufacturing (OEM) customers. It also manufactures and sells specialty polymers, colorants and gelcoats, and sells furniture protection plans under the Guardsman brand. The specialty polymers and colorants are manufactured for internal use and for external sale to other coatings manufacturers. Its gelcoats and related products are sold to boat manufacturers, shower and tub manufacturers and others.

Shares of VAL traded down 1.12% hitting $30.92 during mid-day trading on Thursday.

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