Baird analyst David Leiker downgraded Snap-On to Neutral from Outperform and lowered his price target on the shares to $160 from $186, citing indications of more challenging near-term performance. Until growth improves, the analyst feels the 3+ year bull/bear debate surrounding Snap-On will likely continue, keeping shares range-bound.

Reports Q1 revenue $1.18B, consensus $1.2B. "We're encouraged by our first quarter 2024 results, achieved against the general uncertainty and turbulence of this time," said CEO Nick Pinchuk. "Despite the varying levels of confidence among technicians served through our Snap-on Tools franchised van channel, we believe our growth with customers in critical industries and with repair shop owners and managers demonstrates the broad strength of our individual operations, the resilience of our multiple markets, and the substantial opportunities along our runways for growth. As we move forward, we'll continue pivoting our focus to match technician preferences in this period, we'll maintain our momentum with repair shops and with critical industries, and we'll reinforce our brand with significant new products. In addition, we'll remain engaged in our Snap-on Value Creation Processes to maximize capacity for ongoing advancement, resisting and overcoming the headwinds of the day."

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