JPMorgan analyst Michael Rehaut downgraded Fortune Brands Innovations to Neutral from Overweight with a price target of $70, down from $73, following a period of restriction. The analyst views Fortune as a leading company within the building products sector, having generated above-average organic sales growth and operating margins over the last five years. This can continue going forward, but the company’s valuation already fairly reflects these positive fundamental attributes, the analyst tells investors in a research note.
Published first on TheFly
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