Graco price target raised to $93 from $91 at RBC Capital

RBC Capital analyst Deane Dray raised the firm’s price target on Graco to $93 from $91 and keeps an Outperform rating on the shares. The company reported in-line operating results for Q4 with margin upside at Industrial and Contractor partially offset by softness in Process, the analyst tells investors in a research note. There is some conservatism built into Graco’s guide, and while its backlog continues to come down, it remains “modestly elevated” at $280M, RBC added.