JPMorgan analyst Jeffrey Zekauskas downgraded RPM International to Underweight from Neutral and lowered his price target for the shares to $55 from $60. The stock closed Friday down 79c to $58.38.

The analyst cites valuation for the downgrade with the shares up 11% year-to-date. The market is already discounting about half of RPM's three-year cost saving target, Zekauskas tells investors in a research note. RPM shares trade at a premium to peers because of its activist involvement and $290M cost reduction target to be achieved over the fiscal 2020 to 2022 period, says the analyst.

He admits, however, that RPM may be capable of achieving a portion, or all, of its targeted cost savings in a low raw material cost environment.