Oppenheimer initiated coverage of Fortune Brands Innovations with a Perform rating and no price target. 2024 is expected to be a below-trend growth year for the company as the repair-and-remodel end-market should be down year-over-year and with several strategic and organization changes at Fortune Brands taking time to positively impact the income statement, the analyst tells investors in a research note. The stock also trades at a premium to its historical average and peers, the firm added.
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