H.B. Fuller upgraded to Buy from Hold at Deutsche Bank Deutsche Bank upgraded H.B. Fuller citing confidence in the company's five-year financial targets. The firm raised its price target for shares to $47 from $42.
H.B. Fuller targets 15% EBITDA margin by 2016 Sees FY15 organic growth of 6%, FY15 core tax rate of 30%, CapEx $70M. Expects "go-live" productivity in Americas Adhesives. Expects North America economy to be solid and will support organic growth. Sees EIMEA organic growth to start in Q2 and costs to decline quarter to quarter. Sees FY15 Constructoin Products revenue growth of 30% and 2015 EBITDA margin of 11%. Sees Asia PAcific organic growth of 15%. The company said lower oil should drive lower cost, magnitude to be dampened and delayed. Does not expect implementations in 2015 for Project ONE. Comments taken from Q4 earnings conference call.