Truist analyst Keith Hughes downgraded Fortune Brands Innovations (FBIN) to Hold from Buy with a price target of $60, down from $65. Company fundamentals have seen more pressure than the firm expected in this downturn and EPS has fallen versus gains at share repurchase-focused peer Masco (MAS), notes the analyst, who does not think Fortune’s multiple compression will change near-term. While Fortune should see fundamentals and the stock improve with a cycle turn, the firm sees more upside in other names, the analyst added.
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