Gates Industrial price target raised to $23 from $21 at KeyBanc

KeyBanc analyst Jeffrey Hammond raised the firm’s price target on Gates Industrial (GTES) to $23 from $21 and keeps an Overweight rating on the shares. Following the company’s Q1 earnings, although in line with its positive stance into earnings, the firm was nonetheless encouraged by the unchanged outlook, as Gates appears to be a positive stand-out due to high AM mix paired with tailwinds from new customer wins and self-help. Looking out, KeyBanc walked away with incremental conviction in its long-term thesis, as it feels Gates is well positioned to outperform amid macro choppiness with plenty of self-help runway remaining.