RBC Capital analyst Deane Dray raised the firm’s price target on Graco to $93 from $91 and keeps an Outperform rating on the shares. The company reported in-line operating results for Q4 with margin upside at Industrial and Contractor partially offset by softness in Process, the analyst tells investors in a research note. There is some conservatism built into Graco’s guide, and while its backlog continues to come down, it remains “modestly elevated” at $280M, RBC added.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on GGG: