Imperial Capital Raises Price Target on Stanley Black & Decker (SWK) Following 2Q and Management Change
Get Alerts SWK Hot Sheet
Rating Summary:
14 Buy, 15 Hold, 3 Sell
Rating Trend: Up
Today's Overall Ratings:
Up: 0 | Down: 0 | New: 0
Join SI Premium – FREE
Imperial Capital reiterated an In-Line rating on Stanley Black & Decker (NYSE: SWK), and raised the price target to $125.00 (from $107.00), following the company's 2Q earnings report. SWK reported quarterly revenue of $2.93bn was slightly above the Street's estimate of $2.91bn. Diluted EPS of $1.84 was also above the Street at $1.72. The company also announced that Chairman and CEO John Lundgren will retire as CEO on 7/31/16.
Analyst Jeff Kessler commented, "On 7/22/16, the company announced that Chairman and CEO John Lundgren will retire as CEO on 7/31/16, and James (Jim) Loree, who currently serves as President and COO, will succeed Mr. Lundgren as President and CEO, effective 8/1/16. However, Mr. Lundgren will remain as Chairman until 12/31/16, and serve as a Special Advisor to the company through 4/30/17. This is a well-thought-out succession plan by the Board, in our opinion, and we believe that Mr. Loree's long-tenure with Stanley (17 years) will help him continue to improve operational efficiencies while continuing to introduce tech-enabled solutions for the end-user."
For an analyst ratings summary and ratings history on Stanley Black & Decker click here. For more ratings news on Stanley Black & Decker click here.
Shares of Stanley Black & Decker closed at $120.49 yesterday.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- Citi Downgrades Malaysia Airports Holdings Bhd (MAHB:MK) (MYPRF) to Neutral
- MarketWise Inc. (MKTW) PT Lowered to $2 at UBS
- Archrock (AROC) PT Raised to $21 at RBC Capital
Create E-mail Alert Related Categories
Analyst Comments, Analyst EPS Change, Analyst EPS View, Analyst PT Change, Management ChangesRelated Entities
Earnings, Imperial CapitalSign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!