Deutsche Bank Upgrades HB Fuller (FUL) to Buy, Sees 2015 EPS of $4/Sh

February 11, 2013 7:04 AM EST Send to a Friend
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Price: $45.73 +0.57%

Rating Summary:
    4 Buy, 2 Hold, 1 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 8 | Down: 13 | New: 4
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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.




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