Fortune Brands Innovations price target lowered to $79 from $82 at Loop Capital

Loop Capital analyst Garik Shmois lowered the firm’s price target on Fortune Brands Innovations to $79 from $82 and keeps a Hold rating on the shares. Interest rate cut hopes – and the subsequent benefits to housing and remodel-related stock – increased following the latest inflation data, and concerns around volume deceleration and price/cost are unlikely to be a headwind until later in the year and into 2025, the analyst tells investors in a research note. Loop adds however that it has also tempered its repair/remodel and new housing growth projections – for new housing, the firm sees it as down mid-single-digits in the second half of 2024 and flat in FY25 vs. up MSD in both periods, and for R&R, it has reduced its growth forecast down 100bps in FY25.