Snap-On (SNA) PT Raised to $260 at Oppenheimer Following Earnings

April 22, 2021 4:56 PM EDT
Get Alerts SNA Hot Sheet
Price: $255.19 +0.87%

Rating Summary:
    5 Buy, 5 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 4 | New: 24
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Oppenheimer analyst Christopher Glynn raised the price target on Snap-On (NYSE: SNA) to $260.00 (from $245.00) while maintaining an Outperform rating.

The analyst commented, "SNA delivered a solid revenue and earnings beat, led by SOT continuing double-digits organic growth for both US and international franchise operations. SOT's 25% organic growth stepped up from 20%/4Q20 and 16%/3Q20, continuing general break-out strength begun during 2H20 and further benefiting vs. COVID comparison impacts which landed materially last March. SOT has consistently delivered tightly around ~50% incremental margins during the past three quarters. The upsizing of run-rates reflects broad success with product assortment (including platform-specific toolkits for new EV launches), healthy end-markets, likely share gain momentum. Ongoing sales productivity initiatives include adding associates (~1/4 US franchisee penetration) and other sales support (product training, utilizing supporting vehicles to reinforce franchisees' inventory presence on routes). SOC's receivables balance shrunk modestly, as collections outpaced originations."



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