Federal Signal resumed with an Outperform at Raymond James

Raymond James resumed coverage of Federal Signal (FSS) with an Outperform rating and $110 price target The company’s portfolio, which supports the essential municipal, utility and infrastructure markets, “provides good balance and defensiveness across the cycle,” the analyst tells investors. High quality brands, a well-capitalized dealer network and scale are some sources of competitive advantage, which the firm expects Federal Signal to expand upon via M&A, the analyst added.