Despite Fortune Brands Innovations (FBIN) optimistic name, investors may want to approach the stock with caution. The company, which manufactures plumbing fixtures and security products through brands like Moen and Master Lock, faces a convergence of headwinds that may leave little upside. The housing market remains the elephant in the room. Fortune Brands derives substantial revenue from new residential construction and remodeling activity, both of which have cooled significantly. Elevated mortgage rates have frozen the housing market, with existing home sales at multi-decade lows and new construction activity subdued. Homeowners who might have undertaken major renovations are staying put and delaying discretionary upgrades. This isn't a temporary blip — structural affordability challenge

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