We are upgrading our recommendation on Snap-on (SNA) to Outperform with a $57 target price. Organic sales for the Commercial and Industrial Group were up over 9% from last year. There was across the board increases in nearly all the businesses.
The biggest contributors here were the equipment division, including Europe and in Asia Pacific where its expended product lines are starting to take hold. From a profit increase perspective, C&I was a big contributor with operating earnings of over $30 million, up $13 million from last year.Zacks Investment Research
