H.B. Fuller upgraded to Outperform from Neutral at Baird

Baird upgraded H.B. Fuller (FUL) to Outperform from Neutral with an unchanged price target of $60. The company is “secularly attractive” over the long term, with lowered near-term visibility now more than reflected in the stock’s valuation multiple, which has compressed over the past year, the analyst tells investors in a research note. H.B. Fuller shares “have been disproportionately de-risked,” contends Baird. The firm says the stock’s risk/reward is favorable at current levels. While there are nodes of H.B. Fuller’s end-market exposure that are cyclical, 45% of its sales base sells directly into consumer staples, Baird points out.