UPDATE: Wunderlich Securities Reiterates On Snap-on On Solid Hand Tool Business

In a report published Tuesday, Wunderlich Securities analyst Liam D. Burke reiterated a Buy rating on Snap-on (NYSE: SNA), and raised the price target from $140.00 to $160.00.

In the report, Wunderlich Securities noted, “Snap-on's (SNA) results reflected a business with high barriers to entry and geographic diversification. The company's results saw the benefits of new product introduction, higher revenue volume, and Snap-on's continuous improvement initiatives. Although free cash flow generation was lower than expected, as Snap-on incorporates its finance business, contract and finance receivables should grow more in-line with revenue growth, and free cash flow should increase at a faster rate than earnings.”

Snap-on closed on Monday at $133.47.