[ET Net News Agency, 28 October 2020] Goldman Sachs lowered its target price for
Techtronic Industries (TTI) (00669) to HK$107 from HK$105.8 and maintained its "neutral"
rating.
The research house attended TTI`s main competitor SWK's 3Q earnings webcast on 27
October to cross-check likely operation trends for TTI. It said SWK reported 3Q organic
growth in the quarter +6%, driven by 11% organic growth in T&S (Tools & Storage).
Goldman believes it's likely for TTI to achieve high double-digit revenue growth in 2H
(prior Goldman's estimate of 16%), especially given TTI's aggressive new product launch
pipeline. It lightly revised its assumptions and increased its 2020-24 EPS forecasts by
1%. (KL)