HNI Corporation (HNI) Powers Ahead with Steelcase Deal and Analyst Confidence

HNI Corporation (NYSE:HNI) is one of the best cheap stocks to buy for 2026. On January 16, Benchmark Co. lifted its price target for HNI Corporation (NYSE:HNI) to $75 per share from $60. The firm continued to assign the stock a Buy recommendation.

The revision came in the context of HNI Corp’s announcement in August 2025 regarding its planned purchase of Steelcase Inc., a transaction carrying an enterprise value of roughly $2.2 billion. The analyst’s assessment referenced management projections indicating the merger would yield annual cost synergies totaling approximately $120 million once integration is complete. Benchmark also incorporated guidance suggesting the transaction would add between $0.50 and $0.60 to HNI’s earnings per share by fiscal year 2027.

At the same time, Benchmark selected HNI as a top choice for 2026, pointing out that the stock is priced below its typical historical values. The firm stated that there are clearer prospects for profit growth in a market that seems to be bottoming out. Benchmark also observed that HNI’s shares have a price-to-earnings ratio of 13.35, and the company has consistently paid dividends over 55 years.

Independent of the analyst action, on January 8, HNI announced plans to shut down its manufacturing facility in Wayland, New York, by 2027. This move will affect about 135 jobs at the site. The facility has served as the production hub for Gunlocke, HNI’s wood furniture brand focused on workplace furnishings, since the company acquired the operation in 1989, though the plant itself dates back to 1902 when the W. H. Gunlocke Chair Company first opened its doors.

HNI stated that products currently made at the plant will continue to be produced elsewhere with no anticipated changes to the product lineup or quality standards. And the company estimated that annual cost savings from the consolidation will be about $7.5 million to $8 million once fully implemented.

HNI Corporation (NYSE:HNI) manufactures workplace furnishings and residential building products. Its workplace segment includes furniture systems, seating, storage, and architectural products sold to offices, institutions, and hospitality clients. The residential building segment produces gas, wood, and electric fireplaces, stoves, and outdoor fire pits distributed through dealers, retailers, and eCommerce platforms.

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Disclosure: None. This article is originally published at Insider Monkey.