KeyBanc Downgrades HB Fuller (FUL) to Hold

KeyBanc downgraded HB Fuller (NYSE: FUL) from Buy to Hold and removed its price target (prior $45).

Analyst Michael J. Sison said, "We are downgrading H.B. Fuller Company (FUL-NYSE) to a HOLD rating from our BUY rating largely due to valuation as we believe risk/reward is more balanced, and we do not see a good catalyst near term to drive further multiple expansion from current levels. We expect EPS growth to look flattish during F1H15E as the Company continues to focus on finalizing restructuring efforts in Europe and Project One Implementation, which was a large negative in FY14E. Currently, FUL is trading at an FY15E EV/EBITDA multiple of 9.2x. On a historical basis, FUL has traded at an average EV/EBITDA multiple high and low of 9.5x and 6.4x."

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 $42.81 yesterday.

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