Snap-On price target lowered to $282 from $295 at Baird

Baird lowered the firm’s price target on Snap-On to $282 from $295 and keeps a Neutral rating on the shares. The firm said Q1 Tools Group organic growth likely more firmly resetting 2024 growth expectations. Better-than-expected margins were an offset, driving more moderate reductions to EPS estimates, although they now also assume a slightly lower target multiple.