KeyBanc analyst Jeffrey Hammond downgraded Gates Industrial to Sector Weight from Overweight without a price target post the Q4 results. With the shares above the firm’s prior price target, the analyst sees a more balanced risk/reward moving forward. It feels the "robust incrementals" implied in the 2023 outlook paired with the likelihood of limited volume improvement "set a high bar" and hold back upward estimate revisions from here.
Published first on TheFly
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