HB Fuller (FUL): UBS Expects 'Modestly Negative Reaction' to Q4 Results

UBS analyst Lucas Beaumont reiterated a Neutral rating and $60.00 price target on HB Fuller (NYSE: FUL).

The analyst commented, "Overall we expect a modestly negative reaction to the results tomorrow. Expectations for 4Q25 and the 2026 outlook had increased ahead of the print, but we saw 4Q25 EBITDA come in only slightly below cons. expectations (-2%) and the 2026 EBITDA guide was in-line. That said, the guide includes a soft 1Q26 (FebQ) EBITDA outlook for $115M at the mid-pt which is ~7% below cons. On the positive side FUL delivered +1.2% on price in 4Q, similar to cons, and hasn't yet exhibited the feared slowdown in the face of raw materials deflation, while volumes came in only slightly softer. We'd thought that the outlook for 1Q could be similar to our/cons. expectations, but then would see greater softness as the year progresses on 1) a softer pricing outlook driven by ongoing raws deflation and 2) weaker volumes with declines to continue until later in 2026. With the weaker 1Q outlook, we believe FUL is baking in more 2H improvement, which is above our expectations, and remains the risk to the full year outlook in our view. We'd expect the shares to see a modest negative reaction tomorrow on the soft 1Q guide and despite the 2026 outlook coming in-line with cons. expectations."

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 $64.72 yesterday.

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