Analysts Cut Price Target For Gates Industrial Post Q4 Results

Analysts lowered the price target for Gates Industrial Corp PLC 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.

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