Imperial Capital Raises Price Target on Stanley Black & Decker (SWK) Following 2Q and Management Change
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."
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Shares of Stanley Black & Decker closed at $120.49 yesterday.