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Benzinga
Benzinga
Business
Priya Nigam

Why BofA Downgrades Fortune Brands, Masco Despite Demand For Building Products

Masco BofA Securities NYSE

Industry checks indicate that demand for building products was “exceptionally strong” in the first quarter of 2022 and will continue to be strong through the second quarter due to “lean channel inventory and robust contractor backlogs,” according to BofA Securities.

The Building Products Analyst: Rafe Jadrosich downgraded the rating for Fortune Brands Home & Security Inc (NYSE:FBHS) from Buy to Underperform, while reducing the price target from $118 to $74. In the same note, the analyst also downgraded the rating for Masco Corp (NYSE:MAS) from Buy to Neutral, while lowering the price target from $75 to $55.

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