Nominal 
[ET Net News Agency, 21 November 2013] JP Morgan raised its target price for Techtronic Industries (TTI)(00669) to HK$32 from HK$28, and maintained its "overweight" rating.
The research house highlighted the strong Home Depot results should be a boost for TTI. It believes TTI had been dragged down by growth concerns about the SWK (Stanley Black & Decker, TTI's competitor) figures released mid-October.
In addition, the rise in the level of the euro (about 3% H/H and 5% Y/Y) combined with the prospects of better sales growth for 2014 should help lift TTI's earnings for 2013 and 2014. Furthermore, JP Morgan sees better floor care sales in 2H on the back of new models launched in 1H. (KL)
The research house highlighted the strong Home Depot results should be a boost for TTI. It believes TTI had been dragged down by growth concerns about the SWK (Stanley Black & Decker, TTI's competitor) figures released mid-October.
In addition, the rise in the level of the euro (about 3% H/H and 5% Y/Y) combined with the prospects of better sales growth for 2014 should help lift TTI's earnings for 2013 and 2014. Furthermore, JP Morgan sees better floor care sales in 2H on the back of new models launched in 1H. (KL)