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Franklin Electric price target raised to $90 from $85 at DA Davidson

DA Davidson analyst Matt Summerville raised the firm’s price target on Franklin Electric to $90 from $85 after its Q1 earnings beat but keeps a Neutral rating on the shares. The company reported a "strong start" to 2023, reflective of still-elevated backlogs and strong demand across most end markets all in spite of some adverse weather and reduced housing starts in the U.S., the analyst tells investors in a research note. Franklin Electric balance sheet is also underleveraged, with free cash flow conversion poised to improve as working capital normalizes, the firm added.

Published first on TheFly

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