As previously reported, Seaport Global analyst Walt Liptak upgraded Graco to Buy from Neutral with an $82 price target given that the 2023 outlook is "looking better than we expected." The firm believes that 2023-2024 EPS can continue to grow despite macro industrial headwinds and it raised its 2023 EPS estimate to $2.80 while initiating a 2024 EPS estimate of $3.00. The firm also believes that Graco’s balance sheet and cash flow support increased stock buybacks and an acceleration of strategic deal making.
Published first on TheFly
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