Gates Industrial price target raised to $17 from $14 at Citi

Citi analyst Andrew Kaplowitz raised the firm’s price target on Gates Industrial to $17 from $14 and keeps a Buy rating on the shares after the company reported "solid" Q4 results and gave FY23 guidance that was "modestly" above the firm’s and the Street’s estimates. While the firm thinks global macro uncertainty and China reopening impacts could lead to some demand choppiness over the next few quarters, it sees still-resilient demand trends across Gates’ key end markets and believes a focus on new product offerings and its strong market positioning could provide good demand visibility in 2023 and beyond.