Deutsche Bank analyst David Begleiter upgraded H.B. Fuller to Buy and raised his price target for the shares to $62 from $60. Rising raw material costs led to the miss in Q4, but this issue is transitory as price increases are being implemented to fully offset these higher costs by the end of Q2, Begleiter tells investors in a post-earnings research note. More important, in the analyst's view, was Fuller's "unofficial raising" of cost and revenue synergy targets on its recent $1.6B Royal Adhesives acquisition. The analyst has confidence in the company's 2020 EBITDA target.
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