Loop Capital analyst Garik Shmois downgraded Fortune Brands Innovations to Hold from Buy with an unchanged $65 price target. The stock has reached his prior price target and the first half of 2023 still poses "tough comparisons", the analyst tells investors in a research note. The firm adds that even though macro indicators are suggestive of a "soft-landing" or mild recession, 2023 back-half visibility remains limited enough to prevent it from raising estimates or calling for further multiple expansion in Fortune Brands shares at this time.
Published first on TheFly
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