WallStreetZenWallStreetZen

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.

Get free updates on Fortune Brands Innovations

WallStreetZen tracks the performance of nearly 4,000 Wall Street analysts, whom we rank by average returns, frequency, and win-rate (backtested over multiple years).

Create a free watchlist and be the first to know when top-rated Wall Street analysts revise their FBIN consensus stock forecast.

Want to get in touch? Email us at news@wallstreetzen.com.

WallStreetZen and Don Francis do not hold any positions in the companies mentioned in this article. The information and statistics provided herein are presented for general informational purposes only and may not be accurate, complete, or up-to-date. It should not be interpreted as a recommendation to buy or sell any stocks and should not be solely relied upon for making investment decisions. It does not take into account your financial situation or risk profile. All investors should conduct their own investment due diligence before buying a stock. WallStreetZen expressly disclaims any liability for the accuracy, reliability, or completeness of the analysts' information, price targets, ratings, or opinions.

WallStreetZen does not provide financial advice and does not issue recommendations or offers to buy stock or sell any security.

Information is provided 'as-is' and solely for informational purposes and is not advice. WallStreetZen does not bear any responsibility for any losses or damage that may occur as a result of reliance on this data.