KeyBanc Downgrades H.B. Fuller Company (FUL) to Underweight
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KeyBanc downgrades H.B. Fuller Company (NYSE: FUL) from Hold to Underweight. Price target $12.
KeyBanc analyst says, "Following several rounds of cost cutting, we sense FUL will now need volume growth to drive sustainable margin and earnings expansion, but we do not see volume growth on the horizon. With a very weak volume environment likely in store over the next several quarters, low confidence in our FY09 outlook and no positive catalyst in sight, we are downgrading our rating on FUL to UNDERWEIGHT. We believe volume growth will decelerate again considering the Company's cyclical end markets such as construction and industrial, and it could take some time for its new turnaround efforts to gain traction."
H.B. Fuller Company and its subsidiaries are engaged in the manufacturing and marketing of adhesives and specialty chemical products globally.
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