TC

30/10/2020 17:53

{I-bank focus}JP Morgan ups Techtronic Ind (00669) to HK$140

    J.P. Morgan lifted its target price for Techtronic Industries (TTI) (00669) to HK$140 from HK$136 and maintained its "overweight" rating.
  The research house said the findings from its high-frequency alternative data analysis
which, together with an update on "MX fuel" development, is supportive of JPM's bullish view on TTI.
  Stanley Black & Decker (SWK) fell 8.7% this week, driven by the 3Q miss which also impacted TTI's share price, down 3.3% (HSI: -0.9%). JPM said a closer look at SWK's results shows that the US tools & storage retail segment, where TTI competes head-on, actually saw robust growth, up 16% in 3Q, which further accelerated to low-20% in the past 4 and 8 weeks, in sync with color shared by TTI's management at JPM's latest 3Q update call.

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