Oppenheimer analyst Christopher Glynn maintained a Buy rating on Snap-on (NYSE: SNA) yesterday and set a price target of $190. The company’s shares closed yesterday at $176.84.
Glynn observed:
“We discussed market positioning, as well as new product focus and long-term continuous operating improvement. Product vitality, against evolving customers’ work demands, remains the core driver for top-line opportunity. New diagnostics products (Apollo/Zeus) are flourishing as auto repairs become increasingly complex and value- add to technicians improves with time savings. As air emits from the erstwhile breathless narratives of channel mismanagement around SOT (of the ilk found on some message boards about any franchise system), we believe investor attention shifting to the proper prosaic measure of end-demand rate trends of a relatively captive SOT market—currently lacking a clear net growth trajectory (though 2H hand tools comparisons are easier), but appearing about stable.”
According to TipRanks.com, Glynn is a 5-star analyst with an average return of 11.9% and a 71.1% success rate. Glynn covers the Industrial Goods sector, focusing on stocks such as Emerson Electric Company, Honeywell International, and Roper Technologies.
Snap-on has an analyst consensus of Strong Buy, with a price target consensus of $201.75, which is a 14.1% upside from current levels. In a report issued on August 20, Barrington also maintained a Buy rating on the stock with a $200 price target.
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Based on Snap-on’s latest earnings release for the quarter ending June 30, the company reported a quarterly net profit of $179 million. In comparison, last year the company had a net profit of $153 million.
Based on the recent corporate insider activity of 48 insiders, corporate insider sentiment is negative on the stock. Earlier this month, Aldo John Pagliari, the Sr VP – Finance & CFO of SNA sold 6,480 shares for a total of $1,152,727.
TipRanks has tracked 36,000 company insiders and found that a few of them are better than others when it comes to timing their transactions. See which 3 stocks are most likely to make moves following their insider activities.
Snap-On, Inc. engages in the manufacture and marketing of tools, equipment, diagnostics, repair information, and systems solutions for professional users performing critical tasks. It operates through following segments: Commercial and Industrial Group; Snap-On Tools Group; Repair Systems and Information Group; and Financial Services.
