Truist analyst Keith Hughes raised the firm’s price target on Fortune Brands Innovations to $90 from $75 and keeps a Buy rating on the shares after its Q2 earnings beat. Volumes contracted in most all areas as expected, but the company’s closure of the door/lock deal is a big win as it comes at a reasonable price at the bottom of the cycle, the analyst tells investors in a research note. Truist adds that it expects the core remodel demand at Fortune Brands to recover over next several quarters.
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Read More on FBIN:
- Fortune Brands Innovations sees FY23 EPS $3.75-$3.90, consensus $3.81
- Fortune Brands Innovations reports Q2 EPS $1.07, consensus $1.02
- Fortune Brands Innovations price target raised to $72 from $64 at RBC Capital
- Fortune Brands Innovations price target raised to $90 from $87 at Jefferies
- Fortune Brands Innovations price target raised to $81 from $77 at Barclays
