Roth Capital lifted the company’s target price in Snap-On (SNA) to $409 from $385 and maintains a buy rating on the stock after beating fourth-quarter earnings. The company remains bullish on Snap-on’s story, noting, however, that after benefiting from a successful shift toward more affordable tools in previous quarters, tools segment revenue was flat in the fourth quarter given continued confidence in soft repair technicians, the analyst tells investors in a research note. Roth adds that he is favoring it recession– resilient nature of end demand and durability of the Snap-On business model.
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