UPDATE: William Blair Upgrades Graco Inc. (GGG) to Outperform

December 2, 2021 6:38 AM EST
Get Alerts GGG Hot Sheet
Price: $71.15 +1.90%

Rating Summary:
    5 Buy, 11 Hold, 2 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 30 | Down: 16 | New: 32
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(Updated - December 2, 2021 7:04 AM EST)

William Blair analyst Nicholas Heymann upgraded Graco Inc. (NYSE: GGG) from Market Perform to Outperform.

The analyst comments "We are upgrading shares of Graco to Outperform from Market Perform. We believe the company’s long-term organic sales growth should materially benefit from the U.S. Infrastructure Investment and Jobs Act (IIJA) in 2022-2026, and from 5% higher sales from backlog normalization and a larger estimated price increase (7%-9% versus 1%-2% historically) effective January 1, 2022. We estimate Graco’s 2022 organic sales should increase 17%-19%. This is well above our prior forecast of 6.9% and does not include any benefit from IIJA (which could potentially add 5% to organic sales beginning in 2023 or earlier), acquisitions (targeted to be 3%-4%), or any impact from foreign exchange (estimated to add 2% to total sales in 2021)."

For an analyst ratings summary and ratings history on Graco Inc. click here. For more ratings news on Graco Inc. click here.

Shares of Graco Inc. closed at $71.68 yesterday.


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