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Gates Industrial initiated with an Overweight at JPMorgan

JPMorgan initiated coverage of Gates Industrial (GTES) with an Overweight rating and $35 price target offering 39% upside potential. The firm has confidence in the company’s ability to convert its legacy in engineered power transmission into a stronger, resilient platform. Gates is evolving from a industrial supplier to a growth compounder by leveraging secular trends in mobility and data center infrastructure, the analyst tells investors in a research note.

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