UPDATE: JP Morgan Initiates Fortune Brands Home & Security at Neutral on Valuation

JP Morgan initiated coverage on Fortune Brands Home & Security

with a Neutral rating and a $30 price target. JP Morgan noted, "Overall, we believe the company represents a premier name in the Building Products sector from a quality perspective, given its consistent track record of above market sales growth and an efficient cost structure which has led to above peer profitability. However, after a strong YTD performance, with the stock up 74% vs. our universe up 62% (S&P: +14%), valuation appropriately reflects these attributes, in our view, trading at nearly 15x our 2016 Earnings Power." Fortune Brands Home & Security closed at $29.67 on Wednesday.