Snap-On price target raised to $280 from $255 at BofA

BofA analyst Sherif El-Sabbahy raised the firm’s price target on Snap-On (SNA) to $280 from $255 and keeps an Underperform rating on the shares. Q3 results came in broadly ahead of consensus, though the fundamental backdrop “remains volatile,” the analyst tells investors in an earnings recap note. The 10% move in the shares on the day of earnings is “likely tied to short covering on earnings resiliency vs a fundamental change in the backdrop for Snap-On,” the analyst contends.