KeyBanc analyst Jeffrey Hammond upgraded Gates Industrial to Overweight from Sector Weight with an $18 price target. The shares have become overly discounted, particularly relative to peers and the historical range, as private equity has been exiting its stake, the analyst tells investors in a research note. The firm thinks Gates’ initial outlook has “sufficiently de-risked” estimates, and positions it for beats and raises throughout 2024. It expects the stock to “re-rate meaningfully” on the eventual removal of the private equity overhang.
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