Oppenheimer Reiterates Perform Rating on Fortune Brands (FBIN)

Oppenheimer analyst Tyler Batory reiterated a Perform rating on Fortune Brands (NYSE: FBIN).

The analyst commented: "Shares of FBIN are down 22% so far this year (S&P up 14%) and trade near the lowest P/E multiple since the spin-off of the cabinets business in late 2022. We see muted performance for the stock over the medium term, mostly given a lackluster backdrop for single-family housing starts (one-third of revenue). We do not expect this weakness can be offset by its digital and connected products. Company execution the past few quarters has also been mixed. Ultimately, we see cleaner ways to play any improvement in the single-family space or an inflection in repair and remodel (R&R) spending with other stocks. Reiterate Perform."

For an analyst ratings summary and ratings history on Fortune Brands click here. For more ratings news on Fortune Brands click here.

Shares of Fortune Brands closed at $52.99 yesterday.

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