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Fly News Breaks for July 2, 2019
Jul 2, 2019 | 07:11 EDT
Loop Capital analyst Laura Champine downgraded Fortune Brands Home & Security to Sell from Hold with a $50 price target following the company's 20% bounce in the second quarter on top of a 25% move in the first quarter. In a research note to investors, Champine says that while lower mortgage rates may drive improving remodeling trends in the second half of the year, she feels this is more than sufficiently priced into the stock already. The analyst also says she is concerned that slower home price improvements may eventually create a headwind to remodeling activity that is not consistent with management's guidance.
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