Gates Industrial price target raised to $20 from $18 at Goldman Sachs

Goldman Sachs analyst Jerry Revich raised the firm’s price target on Gates Industrial to $20 from $18 and keeps a Neutral rating on the shares after its Q2 results. The firm is reducing its 2024 EBITDA estimate by 2.6% on a 2% lower sales forecast but also leaving its 2025-2026 EBITDA estimates unchanged as 2% lower sales is balanced by 50bps higher margin forecasts following results that revealed strong progress on the company’s margin improvement plan and incremental restructuring plans, the analyst tells investors in a research note.