- Analysts lowered the price target for Gates Industrial Corp PLC (NYSE:GTES) post Q4 results.
- Morgan Stanley analyst Joshua Pokrzywinski lowered the price target to $17 (an upside of 12%) from $18 and maintained an Equal-Weight rating on the shares.
- Keybanc analyst Jeffrey Hammond reduced the price target to $20 (an upside of 31.7%) from $22 and kept an Overweight rating on the shares.
- Related: Gates Industrial Q4 Top-Line Misses Street View; Guides FY22 EPS Below Consensus
- Goldman Sachs analyst Jerry Revich lowered the price target to $19 from $21 and maintained a Buy rating on the shares.
- Revich mentions that the company's Q4 results were consistent with other industrials this earnings season, showing higher near-term price/cost headwinds and slowing demand in China consumer and industrial markets.
- He remains positive about the company's efforts in leveraging its distribution network to deliver a portfolio of replacement products for electric vehicles.
- Price Action: GTES shares are trading higher by 0.81% at $15.20 on the last check Tuesday.
