Snap-On price target raised to $275 from $240 at BofA

BofA raised the firm’s price target on Snap-On to $275 from $240 and keeps an Underperform rating on the shares. Overall, near-term macroeconomic trends and those in the car parc remain less favorable, although Snap-on’s growth prospects as an entrenched market leader are strong long term, the firm said in a note on Friday. While BofA sees favorable long-term drivers, it reiterates an Underperform on a lack of near-term drivers for the stock and finds that weaker growth prospects more than priced in.