Wolfe Research analyst Nigel Coe upgraded Gates Industrial to Outperform from Peer Perform with a $20 price target. The analyst sees significant multiple expansion potential driven by the company’s growth recovery and better margin and free cash flow execution. Wolfe also sees signs that the Blackstone overhang is fading as a risk factor. The firm says Gates is one of the cheapest stocks in an increasingly expensive multi-industry sector.
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