Fortune Brands Innovations price target raised by $16 at JPMorgan, here’s why

JPMorgan raised the firm’s price target on Fortune Brands Innovations to $78 from $62 and keeps a Neutral rating on the shares. Following a “strong rebound year” for our building products universe, albeit still trailing the homebuilders, JPMorgan remains less constructive and more selective towards the sector compared to a more positive stance towards the homebuilders, the analyst tells investors in a research note. The firm favors names with higher exposures towards new residential construction compared to companies with higher exposures to the residential repair/remodel market.