HNI Corporation (HNI) is considered one of the best cheap stocks to buy for 2026, with Benchmark Co. raising its price target to $75 per share from $60, maintaining a Buy recommendation. The company is moving ahead with its acquisition of Steelcase Inc., projecting $120 million in annual cost synergies post-merger.

Benchmark Co. selected HNI as a top choice for 2026 due to its undervalued stock price and potential for profit growth in a stabilizing market. HNI’s price-to-earnings ratio is 13.35, and the company has a track record of over 55 years of dividend payments. The acquisition of Steelcase is expected to boost earnings per share by $0.50 to $0.60 by fiscal year 2027.

HNI announced plans to close its manufacturing facility in Wayland, New York, by 2027, affecting 135 jobs. The consolidation will lead to annual cost savings of $7.5 million to $8 million. Products currently made at the plant will be produced elsewhere with no changes to quality standards or product lineup.

HNI Corporation manufactures workplace furnishings and residential building products, including furniture systems, seating, storage, fireplaces, stoves, and outdoor fire pits. The company serves offices, institutions, hospitality clients, dealers, retailers, and eCommerce platforms.

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Read more at Yahoo Finance: HNI Corporation (HNI) Powers Ahead with Steelcase Deal and Analyst Confidence