Citi analyst Eric Lau upgraded Stanley Black & Decker to Buy from Neutral with a price target of $118, up from $110, after the company raised the mid-point of 2023 EPS guidance by 25% thanks to a faster-than-expected gross margin recovery pace seen in Q3. Management expects continued sequential margin improvement in Q4, all the way to 35%-plus in 2025, which the firm notes “was the usual pre-pandemic level.” Citi has raised EPS estimates by 3%-17% during 2023-25 on higher margin assumptions given the results and guidance.
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