By Christiana Sciaudone
Investing.com-Stanley Black & Decker (NYSE :) fell 4% as intensified competition prompted a downgrade.
According to StreetInsider and Bank of America (NYSE :) analyst Ross Gilardi, the stock price has been reduced from neutral to a sell-equivalent price and the price target has been reduced from $ 187 to $ 175.
Rival Techtronic is growing fast and Home Depot (NYSE :), and Stanley Black & Decker are facing fierce competition at Lowe’s (NYSE :) with cordless outdoor batteries from Chervon’s EGO.
According to StreetInsider, the possibility that SWK will buy the remaining 80% of MTD products this year or later next year is more risky than it looks.
“This business will require a reinvestment by Stanley to electrify the product line,” analysts said. The investors we’re talking about don’t even consider it. ”
Stocks have been trading at levels close to a year ago, after doubling at a rally that began in March.
According to data compiled by Investing.com, the stock has six buy valuations, three holds, and now Gilardi’s single sell.
Last month, JP Morgan (NYSE :) analyst Michael Rehaut raised the Stanley Black & Decker price target from $ 13 to $ 17, while maintaining a hold-equivalent rating, Street Insider reported.
Stanley Black & Decker has exceeded its quarterly profit estimates since 2013.
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Stanley Black & Decker faces intensifying competition and risks come first: BofA By Investing.com
https://www.investing.com/news/stock-market-news/stanley-black–decker-faces-increasing-competition-risks-ahead-bofa-2379392 Stanley Black & Decker faces intensifying competition and risks come first: BofA By Investing.com