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00669 TECHTRONIC IND
RTNominal up105.500 +0.500 (+0.476%)
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21/11/2013 09:53

[I-bank focus]JP Morgan raises Techtronic (00669) to HK$32

[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)

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