Goldman Sachs analyst Susan Maklari has maintained their bullish stance on FBIN stock, giving a Buy rating on January 29.
Susan Maklari has given her Buy rating due to a combination of factors that indicate a positive outlook for Fortune Brands Innovations (FBIN). In the fourth quarter, the company surpassed earnings expectations, posting an adjusted EPS of $0.95 which was ahead of both Goldman Sachs’ estimate and the FactSet consensus. This outperformance was attributed to various factors, including benefits from tax adjustments and share count, despite some revenue and EBIT margin shortfalls. The results reflect Fortune Brands’ successful execution of strategies aimed at achieving accelerated and more profitable growth amidst challenging market conditions in the renovation and remodeling sector.
Moreover, while there has been a slight downward revision in the EPS estimates for 2024-25, the potential for market growth is deemed higher than the company’s conservative projections. Management’s belief that a modest decline in mortgage rates could translate into equivalent sales growth underpins the optimism for the stock’s performance. Hence, the anticipation of upside potential as the year progresses, supported by the company’s prudent market expectations and ongoing growth initiatives, buttresses Maklari’s decision to maintain a Buy rating for FBIN.
In another report released on January 29, Barclays also reiterated a Buy rating on the stock with a $87.00 price target.
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Fortune Brands Innovations (FBIN) Company Description:
Fortune Brands Home & Security, Inc. manufactures and supplies home and security products and services. The company operates through the following segments: Cabinets, Plumbing, Doors, and Security. The Cabinets segment manufactures custom, semi-custom, and stock cabinetry, as well as vanities, for the kitchen, bath and other parts. The Plumbing segment involves faucets, accessories, and kitchen sinks. The Doors segment comprises of fiberglass and steel entry door systems. The Security segment offers locks, safety and security devices, and electronic security products manufactured, sourced, and distributed under the Master Lock brand. Its brands include master lock security products, masterbrand cabinets, Moen faucets, Simonton windows, and Therma-Tru entry door systems. The company was founded on June 9, 1988 and is headquartered in Deerfield, IL.
Read More on FBIN:
- Fortune Brands Innovations price target raised to $72 from $56 at BofA
- Fortune Brands Innovations initiated with a Perform at Oppenheimer
- Fortune Brands Innovations price target raised to $78 from $61 at Loop Capital
- Fortune Brands Innovations price target raised by $16 at JPMorgan, here’s why
- Fortune Brands Innovations price target raised by $21 at Barclays, here’s why
