Carlisle (NYSE:CSL) stock climbed to a record high on Friday after the diversified manufacturing company reported Q1 results that topped Street estimates.
Baird Equity Research raised CSL's price target to $325 from $300, implying 30% upside to its last close.
The brokerage maintained its Outperform rating, citing "impressive execution, strong end-market momentum, attractive valuation and potential multiple expansion opportunities".
Oppenheimer raised CSL's PT to $315 from $300, implying 26% upside to its last close, reiterating its Buy rating.
Analyst Bryan Blair said CSL shares are positioned to outperform due to "improving core fundamentals, self-help profit levers and attractive valuation".
Wall Street analysts on average rated CSL Buy, with an average PT of $289.5.
CSL reported Q1 adj. EPS of $4.26 vs. $1.38 in Q1 2021, driven by strong results at construction materials and weatherproofing technologies businesses, improving performance at interconnect technologies and fluid tech segments, and share buybacks.
Revenue rose 45.6% to $1.5B, helped by strong tailwinds, including pent-up demand in re-roofing backlogs.
In a post-earnings call, CFO Kevin Zdimal said CSL expects to deliver revenue growth of over 30% and adj. EBITDA margin expansion of ~500 bps in 2022.
Construction materials revenue grew 58.4% to $0.9B, driven by strong commercial roofing demand and price. 2022 sales for the segment are expected to grow ~30% Y/Y.
Weatherproofing technologies revenue more than doubled to $359.1M, driven by the Henry acquisition and price. 2022 sales for the segment are expected to rise 55-60% Y/Y.
CSL stock gained 7% YTD.