Gary Prestopino, an analyst from Barrington, maintained the Buy rating on Snap-on. The associated price target remains the same with $350.00.
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Gary Prestopino has given his Buy rating due to a combination of factors that highlight Snap-on’s strong market position and growth potential. The company’s long-term growth outlook is promising, driven by its robust brand franchise and the increasing complexity in automotive repair, which presents strategic growth opportunities. Snap-on is expanding its franchise network, increasing its share of wallet with repair shop owners, and extending its product reach to critical industries and emerging markets.
Additionally, industry fundamentals remain strong, with mechanical repair shops operating at full capacity and technicians investing in tools and diagnostic products. Snap-on’s introduction of new products, which annually add significant revenue, further supports its growth. The Tools Group is showing early signs of recovery, and secular growth trends favor the company’s various segments, including the C&I and RS&I groups. These factors, combined with positive secular trends and strong market share growth opportunities, underpin Prestopino’s Buy rating for Snap-on.
In another report released on September 15, Roth MKM also reiterated a Buy rating on the stock with a $365.00 price target.