Market Overview

UPDATE: ISI Group Upgrades Fortune Brands Home & Security to Buy on Earnings Acceleration

Related FBHS
Will Hertz (HTZ) Miss Earnings Estimates? - Analyst Blog
Fortune Brands' New Share Buyback - Analyst Blog

ISI Group raised its rating on Fortune Brands Home & Security (NYSE: FBHS) from Hold to Buy and announced a $33 price target.

ISI Group noted, "Fortune Brands turned in a quarter that was easy to like. With results beating our expectations nearly across the board, our mind starts wandering through 2013's possibilities as stronger revenues beget accelerating operational leverage, creating the potential for turning a solid growth story into an exceptional growth story. We believe the new housing construction cycle in 2013 will keep growing at a rate similar to this year, while the repair and remodel (R&R) segment regains some strength on the back of refinancings and rising home prices. Consequently, given the earnings path we believe is possible, we are upgrading to a Buy with a price target of $33."

Fortune Brands Home & Security closed at $26.97 on Tuesday.

Posted-In: ISI GroupAnalyst Color Upgrades Pre-Market Outlook Analyst Ratings

 

Related Articles (FBHS)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters