Benzinga | Nov 1, 2021 11:15AM EDT

BofA Downgrades This S&P 500 Company, Cuts Price Target By 26%

* BofA analyst Ross Gilardi downgraded Stanley Black & Decker, Inc. (NYSE:SWK) to Underperform from Neutral and lowered the price target to $170 (implying a downside of 5%) from $230.

* The analyst cites the company's "lackluster" Q3 results amid slowing core Tools & Storage business and negative comps likely coming in the first half of FY22.

* Gilardi adds that while valuation is not overly demanding, he also sees a "real risk" around Stanley Black & Decker's buyout of the remaining 80% of MTD.

* Recently, Wells Fargo lowered the price target to $219 (an upside of 22.84%) from $227 and Maintained an Overweight rating on the shares.

* Related Content: Stanley Black & Decker Stock Slides After FY21 Outlook Cut.

* Price Action: SWK shares traded lower by 0.36% at $179.09 on the last check Monday.