Snap-On price target raised to $393 from $365 at Roth MKM

Roth MKM analyst Scott Stember raised the firm’s price target on Snap-On (SNA) to $393 from $365 and keeps a Buy rating on the shares after the firm’s non-deal roadshow with its management. The firm is positive on the company’s solid fundamental narrative remaining “well intact” given the numerous tailwinds in the auto aftermarket, Snap-on’s ability to address the growing complexity of today’s auto repairs, and a proven durability of the business model, the analyst tells investors in a research note. Snap-On shares should continue to outperform in the current weak economic backdrop, Roth MKM added.