GDT [BUY +33.7%] - New furniture factory adds to strong earnings rebound

We maintain our BUY rating for GDT and raise our target price by 8% as we (1) incorporate the company’s new furniture business into our forecast, (2) expect milder competition from China in the short term amid the country’s strict COVID-19 containment policies, and (3) roll over our target price to mid-2023.