Jefferies analyst Philip Ng upgraded Fortune Brands Innovations to Buy from Hold with a price target of $84, up from $67. The stock is lagging the builders and trading at pre-COVID levels, notes the firm, which believes Fortune Brands is "due for a catch up trade." The firm sees long-term investors "gravitating to quality names" such as Fortune as sentiment on housing improves and expects the shares to re-rate higher with the portfolio reoriented, the analyst added.
Published first on TheFly
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Read More on FBIN:
- Fortune Brands Innovations upgraded to Buy from Hold at Jefferies
- Fortune Brands Innovations sees FY23 EPS $3.65-$3.85, consensus $3.67
- Fortune Brands Innovations reports Q1 EPS 66c, consensus 60c
- Fortune Brands downgraded to Underperform from Neutral at Credit Suisse
- Fortune Brands Innovations price target lowered to $70 from $82 at BMO Capital
