It’s time to buy defensive stocks ahead of further commodities weakness, according to Goldman Sachs. Analyst Duffy Fischer initiated coverage of chemicals companies Sherwin-Williams and Linde with buy ratings, saying the paint and coating manufacturer and industrial gas firm can weather a recessionary environment. “[We] believe Street earnings expectations need to come down meaningfully on weak demand especially on commodity companies. … Thus, we are more positive on defensive stocks,” Fischer wrote in a Thursday note. Industrial gas firm Linde has a “best in class operation and a multi-decade record of compounding value” that will benefit from an inflationary environment, and also get a boost from more hydrogen opportunities under the Inflation Reduction Act, Fischer said. The analyst set a $338 price target for the company. It’s 24.5% above where shares closed Wednesday at $271.59. Linde was up 1.3% in Thursday premarket trading. “Industrial gases (IG) have a history of defensiveness IGs take-or-pay contracts and resilient end-markets enable these companies to generally outperform during downturns,” read the note. Coating manufacturer Sherwin-Williams is a “top stock idea” with a solid business model that is still taking market share, according to the analyst. Meanwhile, a customer backlog would also ease the impact from any softness in the housing market. The analyst’s 12-month price target of $280 implies roughly 39% upside from Wednesday’s closing price of $201.51. The stock is up 0.6% in the premarket Thursday. “Coatings best positioned as selling prices have risen significantly on cost inflation, and raw materials are starting to rollover turning that price into margin. This margin expansion is our top idea,” Fischer wrote. “It is not a new thesis, the market bought into it at the end of 2020. … The market appears to have tired of this thesis right before it inflects favorably, in our view,” he added. —CNBC’s Michael Bloom contributed to this report.