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- BofA analyst Elizabeth Suzuki downgraded Snap-On Inc SNA to Underperform from Neutral with an unchanged price target of $240, implying an upside of 12.49%.
- Suzuki sees several tailwinds in the next 12 months, given her expectations for a recovery in the professional auto service channel.
- She says auto dealers will temporarily pull back on high-end tools and equipment investments as they experience near-term pressure on new vehicle sales due to supply shortages.
- The analyst expects Snap-On shares to underperform other stocks in her coverage, where she thinks the valuation appears more attractive.
- Price Action: SNA shares are trading lower by 2.6% at $213.61 on the last check Friday.
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