Fly News Breaks for April 18, 2019
Apr 18, 2019 | 13:08 EDT
Barrington analyst Gary Prestopino says Snap-On's better than expected Q1 results were driven by a mid-single-digit sales increase in the U.S. van channel as well as new product introductions across all three business segments. Snap-on continues to have a favorable outlook due to the aging of the car parc as well as technological complexity of newer vehicles on the road coupled with its solid brand franchise in the market, Prestopino tells investors in a post-earnings research note. The analyst is encouraged that the company's organic growth is slowly increasing, especially in the Tools Group. He keeps an Outperform rating on the shares with a $180-$190 price target.
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