Truist lowered the firm’s price target on Fortune Brands Innovations to $65 from $75 but keeps a Buy rating on the shares. The company’s Q3 results were above consensus, but its EBIT was modestly below views as other items came in better, the analyst tells investors in a research note. Truist added that Fortune Brands’ management discussed growth in 2024, but not as strong as Street has modeled, and the quarter shows continued signs that renovation remains weak and will start the new year with little momentum.
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Read More on FBIN:
- Fortune Brands Innovations price target lowered to $63 from $74 at RBC Capital
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- Fortune Brands Innovations raises FY23 EPS view $3.80-$3.90 from $3.75-$3.90
- Fortune Brands Innovations reports Q3 EPS $1.19, consensus $1.10
