Jefferies raises Donaldson's PT on strong aftermarket sales

Jefferies has raised the price target for Donaldson's shares to $92 from $86, maintaining a "hold" rating. Despite the increase, the new target suggests a 2% downside from the last closing price. Donaldson's shares fell 2% to around $92. The company raised its FY26 profit and margin forecasts after strong Q1 results, with aftermarket sales expected to boost volumes. Jefferies notes that construction demand in China will offset agricultural weakness, lifting off-road sales by 4-6% in 2026. DCI shares are up 36.6% year-to-date.