HNI Corp (HNI) PT Raised to $63 at Benchmark
Benchmark analyst Reuben Garner raised the price target on HNI Corp (NYSE: HNI) to $63.00 (from $57.00) while maintaining a Buy rating.
The analyst comments "HNI Corporation posted strong 2Q24 results on Thursday with EBITDA and EPS coming in well above consensus expectations despite a topline miss. Internal profit transformation initiatives combined with KII sales and synergies helped drive margins to a multi-decade high. With industry indicators flashing green, 2H24 is expected to bring improved y/y sales in both Workplace Furnishings (up LSD) and Residential Building Products (up MSD) ultimately leading to record full-year EPS. Given the EPS beat, our estimates tick up a dime for this year and next to $3.20 and $3.70, respectively. And, we are raising our price target to $63 from a recently raised $57 target."