Goldman Sachs Remains a Buy on Gates Industrial (GTES)

In a report released today, Jerry Revich from Goldman Sachs maintained a Buy rating on Gates Industrial (GTESResearch Report), with a price target of $13.50. The company’s shares opened today at $12.55.

Revich covers the Industrial Goods sector, focusing on stocks such as Terex, Caterpillar, and Granite Construction. According to TipRanks, Revich has an average return of 12.6% and a 57.77% success rate on recommended stocks.

The word on The Street in general, suggests a Moderate Buy analyst consensus rating for Gates Industrial with a $14.08 average price target.

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Based on Gates Industrial’s latest earnings release for the quarter ending September 30, the company reported a quarterly revenue of $860.7 million and a net profit of $51.9 million. In comparison, last year the company earned a revenue of $862.4 million and had a net profit of $70.2 million

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Gates Industrial Corp. Plc is a holding company, which engages in the manufacture of engineered power transmission and fluid solutions. It operates through the following segments: Power Transmission and Fluid Power. The Power Transmission segment includes elastomer drive belts, and related components used to efficiently transfer motion in a broad range of applications. The Fluid Power segment comprises of hoses, tubing, and fittings designed to convey hydraulic fluid at high-pressures in both mobile and stationary applications, and high-pressure and fluid transfer hoses used to convey various fluids. The company was founded on September 25, 2017 and is headquartered in Denver, CO.

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