Gates Industrial price target raised to $18 from $14 at Baird

Baird analyst Michael Halloran raised the firm’s price target on Gates Industrial to $18 from $14 and keeps an Outperform rating on the shares. The analyst said while demand remains positive across end markets, management is prudently assuming slowing demand conditions and destocking in 2H. Despite a more muted backdrop, guidance calls for healthy year-over-year profit gains.