Truist analyst Keith Hughes lowered the firm’s price target on Fortune Brands Innovations to $75 from $92 and keeps a Buy rating on the shares as part of a broader research note on Building Products. The firm sees a continuation of the low-single-digit unit declines in the second half of the year despite easy comparable as it is shaping up to be a tough recovery environment with little sign of pickup thus far and election-related effects, the analyst tells investors in a research note. Truist adds however that units are hovering around 2019 levels, which sets up well for catch-up demand when Repair-and-Remodel, or R&R, does turn given the all-time high home values and “very low” levels of unemployment.
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