Piper Jaffray analyst Mike Ritzenthaler reiterated a Neutral rating and trimmed his price target on HB Fuller (NYSE: FUL) to $44.00 (from $45.00) following the company’s fiscal 1Q15 earnings report, which included $0.30 in EPS (versus guidance of $0.35 and the firm's estimate of $0.38) on $471 million in revenues (versus the firm's estimate of $500 million).

Ritzenthaler commented, " Initial accretion from Tonsan and solid performance in Construction and Asia Pacific more broadly were more than offset by a slower start to 2015 in Americas and EIMEA. With the SAP implementation in North America now largely complete, the remainder of 2015 will be more focused on levers behind the gross margin line (yield improvement, supply chain efficiencies)."

The firm lowered FY 2015 EPS from $2.64 to $2.55 and FY 2016 EPS from $3.23 to $3.19.

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Shares of HB Fuller closed at $43.72 yesterday.