Snap-On (SNA) PT Raised to $245 at Oppenheimer
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Oppenheimer analyst Christopher Glynn raised the price target on Snap-On (NYSE: SNA) to $245.00 (from $205.00) while maintaining an Outperform rating.
The analyst commented, "We are raising PT to $245 from $205, recognizing clear channel strength and natural demand materially affirmed in 2H20 results, and acknowledging higher market multiple. Our PT targets 18x our '22E EPS, roughly consistent vs. current ~18-19x '21E, reflecting balance between near-term momentum (record 2H20 sales and earnings, more accentuated in 4Q20 than 3Q) transitioning to tougher 2H21 comparisons vs. potential further share price appreciation potential as SNA continues to drive merchandising, assortment, and channel bandwidth. We are biased to view that recent fundamentals refute investor concerns in recent years that SOT revenue run rates were stuck within range of sustainable levels and possibly even challenged to do so. Product revenue of $1.07B for 4Q20 was a record by $100M, bests for all three segments."
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