UPDATE: Wunderlich Securities Reiterates Buy Rating, Raises PT on Graco on News of Four Acquisitions

In a report published Monday, Wunderlich Securities analyst Liam D. Burke reiterated a Buy rating on

, and raised the price target from $80.00 to $90.00. In the report, Wunderlich Securities noted, “We are raising our fair value on GGG shares to $90.00 from $80.00. Making adjustments for the cash infusion for the sale of the liquid finishing business, elimination of dividend income from the business, and its four recently announced acquisitions, we are raising our price target. Graco's core industrial segment is gaining strength and complementing its contractor business. The company continues to generate positive operating leverage. With a diverse worldwide customer base, Graco is the high-value provider within its market segments. About 40% of the company's revenue is driven by its after-market product and service business, which provides a dependable and profitable source of recurring revenue. We reiterate our Buy rating.” Graco closed on Friday at $80.35.