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On Tuesday, Roth/MKM analysts maintained their positive stance on Snap-on Incorporated (NYSE: NYSE:SNA), reiterating a Buy rating and a price target of $393.00. According to InvestingPro data, the company maintains a "GREAT" financial health score and currently trades slightly above its Fair Value, with shares up 8.9% in the past week. The analysts noted that although the exact timing for a sustained positive performance in Snap-on’s Tools segment remains uncertain, there were signs of the company nearing that objective in the first quarter, before a recent drop in consumer confidence.
The firm highlighted that Snap-on is approaching a period of easier year-over-year comparisons, given a 7.0% decline in the same quarter of the previous year, and has shifted towards offering more affordable tools and equipment. The analysts also mentioned Snap-on’s relative insulation from tariff impacts compared to other companies within their coverage. The company’s strong financial position is evident in its impressive 52% gross profit margin and 15-year track record of consecutive dividend increases, as revealed by InvestingPro analysis.
Despite observing softer trends in the Do-It-Yourself market, the analysts believe the fundamentals of the automotive aftermarket are robust. They pointed to the continued recovery of miles driven on U.S. roads, surpassing pre-pandemic levels, and the growth of the U.S. car parc. Particularly beneficial for Snap-on is the recovery in the industry’s sweet spot of vehicles aged between 6 and 13 years old.
The most recent data from January 2025 indicates a 2.0% increase in miles driven compared to the year prior, which is also 1.0% above the pre-pandemic figures from January 2019. This trend supports the analysts’ optimism about the automotive aftermarket’s fundamentals, which could positively influence Snap-on’s performance.
Investors and industry watchers are now looking forward to Snap-on’s upcoming Q1 earnings release, scheduled for Thursday, April 17, 2025, to see if the company’s performance aligns with Roth/MKM’s expectations. With a market capitalization of $17.7 billion and analysts forecasting continued profitability, subscribers to InvestingPro can access 8 additional exclusive insights and a comprehensive Pro Research Report that provides deep-dive analysis of Snap-on’s financial health and growth prospects.
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