BofA/Merrill analyst Ross Gilardi initiated Stanley Black & Decker with an Underweight and $140 price target citing slowing power tool trends, a challenging Auto segment, structural headwinds in Security, and China supply chain exposure. Gilardi said home values are slowing which has historically led to slower power tool demand, and notes the Industrial business has had negative comps in Q1 and is not likely to do much better for the next 1-2 years due to challenges in Auto. Further, the analyst does not believe the Security business will be easy to fix and said selling it is not a simple option either.