Deutsche Bank Upgrades HB Fuller (FUL) to Buy, Sees 2015 EPS of $4/Sh
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Price: $40.33 -0.05%
Rating Summary:
4 Buy, 2 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 17 | New: 13
Rating Summary:
4 Buy, 2 Hold, 0 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 11 | Down: 17 | New: 13
Trade FUL Now!
Deutsche Bank upgraded HB Fuller (NYSE: FUL) from Hold to Buy with a price target of $47.00 (from $42.00).
The firm comments, "When Fuller unveiled its 5-yr financial targets in early '11 we were skeptical. Organic sales growth of 5-8% seemed unreachable given volumes had declined in 7 of the prior 10 years. Meanwhile, the 15% EBITDA margin target appeared aspirational vis-à-vis the 10.9% EBITDA margin in ‘10. However, 2 years into the 5-yr plan, not only is Fuller delivering on its commitments (6% organic growth in ’12, EBITDA margin +80 bps to 11.7% in ’12), but with the transformative $405MM Forbo acquisition, '15 targets have been raised to an attainable, in our view, $4/shr in ’15 (22% CAGR ’13-’15)."
The firm maintains street-high '13E EPS of $2.65, up 19% YoY, and is increasing '14E by $0.05 to $3.10, up 17% YoY.
For an analyst ratings summary and ratings history on HB Fuller click here. For more ratings news on HB Fuller click here.
Shares of HB Fuller closed at $39.39 yesterday, with a 52 week range of $28.11-$40.18.
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The firm comments, "When Fuller unveiled its 5-yr financial targets in early '11 we were skeptical. Organic sales growth of 5-8% seemed unreachable given volumes had declined in 7 of the prior 10 years. Meanwhile, the 15% EBITDA margin target appeared aspirational vis-à-vis the 10.9% EBITDA margin in ‘10. However, 2 years into the 5-yr plan, not only is Fuller delivering on its commitments (6% organic growth in ’12, EBITDA margin +80 bps to 11.7% in ’12), but with the transformative $405MM Forbo acquisition, '15 targets have been raised to an attainable, in our view, $4/shr in ’15 (22% CAGR ’13-’15)."
The firm maintains street-high '13E EPS of $2.65, up 19% YoY, and is increasing '14E by $0.05 to $3.10, up 17% YoY.
For an analyst ratings summary and ratings history on HB Fuller click here. For more ratings news on HB Fuller click here.
Shares of HB Fuller closed at $39.39 yesterday, with a 52 week range of $28.11-$40.18.
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