The Fly

Fortune Brands price target lowered to $82 from $85 at BMO Capital

BMO Capital analyst Ketan Mamtora lowered the firm’s price target on Fortune Brands to $82 from $85 but keeps an Outperform rating on the shares. 2023 will be hit by the slowdown in the U.S. housing market, but the stock offers attractive value for patient investors, the analyst tells investors in a research note. Fortune Brands’ focus on expanding the connected product portfolio in Water Innovations and Outdoors/Security also offers multi-year growth runway and margin expansion potential, Mamtora adds.

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