HNI Corporation price target raised to $45 from $36 at Benchmark

Benchmark analyst Reuben Garner raised the firm’s price target on HNI Corporation to $45 from $36 and keeps a Buy rating on the shares after the company posted results for the first time following the closing of its acquisition of Kimball International. “Not only did earnings approximately double up the Street’s estimates,” but with the greatly improved profitability demonstrated in Q2, the inclusion of Kimball in its estimates, the announced intentions to divest Kimball’s Poppin unit, and signs of stabilization in several areas, the firm argues that it does not think the market “appreciates what it just saw” and would take advantage of the stock’s muted reaction to the strong report and outlook.