As previously reported, BofA analyst Rafe Jadrosich downgraded Fortune Brands Innovations to Underperform from Neutral with a price target of $60, down from $61. Following the stock’s outperformance since the spin-off the company’s cabinet business, shares appear fully valued, the firm tells investors. BofA also sees risk to earnings estimates, especially in the first half, and notes that it forecasts 2023 EPS 5% below consensus.
Published first on TheFly
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