Barclays lowered the firm’s price target on Fortune Brands Innovations to $74 from $89 and keeps an Overweight rating on the shares. The analyst is selective heading into the Q3 reports for homebuilding and building products reflecting rate volatility. The firm trimmed estimates and price targets across both builders and building products. However, higher rates does not meaningfully alter what remains a very constructive outlook for builders, says the firm, which thinks it remains too early for building products relative to builders.
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