Fortune Brands Innovations Receives Strong Buy Rating and Increased Price Target

By Don Francis, Editor
July 30, 2023 5:32 AM UTC
Fortune Brands Innovations Receives Strong Buy Rating and Increased Price Target

Truist Securities's Keith Hughes raised their price target on Fortune Brands Innovations Inc (NYSE: FBIN) by 20.00% from $75.00 to $90.00 on July 28, 2023. The analyst maintained their Strong Buy rating on the stock.

After reviewing the company's second-quarter 2023 earnings report, Hughes noted that volumes had shrunk in most, if not all, areas, which was in line with expectations. However, the analyst also highlighted the company's recent acquisition of Emtek and Schaub as a significant win, stating that the deal was completed at the bottom of the cycle for a reasonable price of $800 million.

Looking ahead, Hughes predicted that demand in Fortune Brands' core business, the Remodel segment, would likely recover in the upcoming quarters.

In addition to raising the price target, the analyst provided an updated rating of the stock. Currently, 50.00% of top-rated analysts rate FBIN as a Strong Buy, while 25.00% consider it a Buy. Another 25.00% view it as a Hold, with no analysts recommending or strongly recommending selling the stock.

Since the release of FBIN's last quarterly report, the stock price has risen by 65.85%. Year-over-year, the stock has increased by 3.39%. However, during this period, FBIN has trailed the performance of the S&P 500, which has risen by 12.52%.

Keith Hughes, a Truist Securities analyst, is ranked in the top 2% of Wall Street analysts by WallStreetZen. With an average return of 36.87% and a win rate of 68.52%, Hughes specializes in the Technology and Industrials sectors, among others.

Fortune Brands Home & Security, Inc. is a manufacturer of home and security products. The company's offerings and brands include Moen and the House of Rohl, Therma-Tru and Larson outdoor living and security products, Fiberon, Master Lock, and SentrySafe, as well as MasterBrand Cabinets. Founded in 2011, Fortune Brands is headquartered in Deerfield, IL.

Many investors find analysts' recommendations and price targets to be useful data points. However, different investors have different priorities and risk profiles. All investors should conduct their own investment due diligence before buying a stock.

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