UPDATE: Baird Downgrades Stanley Black & Decker (SWK) to Neutral

Baird analyst Timothy Wojs downgraded Stanley Black & Decker (NYSE: SWK) from Outperform to Neutral with a price target of $80.00 (from $85.00).

The analyst comments "While we believe SWK is taking the right steps longer term and are encouraged by some early signs of traction on commercial execution, we're moving to the sidelines on shares. Our 2023E EPS is taking another stepfunction lower, and despite this, we sense there's still estimate risk should the external macro environment (North America, Pro) more meaningfully deteriorate into 2023. Turnaround actions take time, and while we think they'll ultimately bear fruit, elevated macro risks could continue to push out realization, creating additional earnings and multiple risk."

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 $75.67 yesterday.

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