Credit Suisse analyst Dan Oppenheim downgraded Fortune Brands Innovations to Underperform from Neutral with a $48 price target. The analyst believes the company’s results are likely to fall below guidance and consensus. The firm expects "sluggish" home improvement spending, largely driven by sharply lower housing turnover in 2023 and 2024, to drive lower-than expected sales and earnings for Fortune Brands Innovations. Its 2023 earnings per share estimate of $3.40 is well below consensus and the company’s guidance of $3.60-$3.80.
Published first on TheFly
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- Fortune Brands Innovations price target lowered to $70 from $82 at BMO Capital
- Fortune Brands Innovations price target raised to $75 from $70 at Truist
- Fortune Brands Innovations sees FY23 EPS ex-items $3.60-$3.80, consensus $3.91
- Fortune Brands Innovations reports Q4 EPS ex-items $1.07, consensus $1.35
- Fortune Brands Innovations downgraded to Hold from Buy at Loop Capital
