DA Davidson analyst Matt Summerville is keeping his Neutral rating and $49 price target on Graco but says that his recent meetings with the management team has reflected its confidence on the company's "long-term strategy, execution, organic growth potential and strong incremental margin profile." The analyst notes that while there is no "immediate catalyst for out-year" strength in Graco shares, the stock price could rise about 6%-7% over the next 12-18 months, even with FX becoming a greater headwind and offsetting his embedded price assumptions in the company's 2019 organic growth outlook.