UPDATE: J.P. Morgan Increases PT on H.B. Fuller to $28

According to a research report this morning, J.P. Morgan increases the PT on H.B. Fuller (NYSE: FUL) from $26 to $28.

J.P. Morgan stated, “Fuller is being given a good deal of advance credit by the market for efficiently integrating the Forbo acquisition. The company trades at 9.2x 2012 EBITDA, well above its peer companies. Even at 7.1x EBITDA for 2013, the company trades at a premium, if a smaller premium. We believe that acquisition and restructuring costs are likely to lead to a relatively low free cash flow yield for Fuller in 2012 at 2.0% and 2.9% for 2013.”

H.B. Fuller closed yesterday at $31.53 as J.P. Morgan reiterates its Neutral rating.

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