The latest executive hire by Stanley Black & Decker (SWK -0.64%) continued to be well received on Tuesday, a day after it was announced. This was bolstered by an analyst's price target rise, although that pundit left his rather lukewarm recommendation intact. Stanley Black & Decker's shares ended the day almost 4% higher in price, essentially obliterating the S&P 500 index with its 0.1% decline.

Major C-suite changes coming

In an endorsement of the ever-popular "promote from within" corporate policy, Stanley Black & Decker announced on Monday that current COO Christopher Nelson will become its CEO on October 1. Nelson, who also serves as the company's president of the tools and outdoor segment, replaces outgoing CEO Donald Allan.

Two people conversing in a hardware store.

Image source: Getty Images.

The departing CEO, already on the company's board of directors, will become executive chair of the board on that date.

In its announcement of the transition, Stanley Black & Decker felt compelled to mention that it continues to expect its second-quarter GAAP (generally accepted accounting principles) and non-GAAP (adjusted) earnings to come in above its previously released guidance. This is always music to investors' ears.

A notable price target lift

The day after, prior to market open, Stanley Black & Decker got something of a thumbs-up from an analyst at a top U.S. bank.

Joseph O'Dea of Wells Fargo raised his price target on the stock at a double-digit rate, cranking it to $70 per share from his previous $60. That gave its latest moves something of an endorsement, even though O'Dea maintained his equal weight (neutral) recommendation on the stock.

Stanley Black & Decker does have a brighter future than that, in my view, but much will depend on the ever-impactful U.S. housing market. If that market can perform well and thrive, we should see quite a positive effect on the company's business.