DA Davidson downgraded Federal Signal to Neutral from Buy with a price target of $66, down from $68. The company’s Q2 earnings revealed no evidence that its business is slowing down amid record results and ever-higher backlog, but despite the strong outlook, the stock “barely budged”, the analyst tells investors in a research note. The firm adds that following a “great run”, Federal Signal shares appear to be “close to fully valued”, even though it may turn more constructive again on emergence of new growth catalysts.
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Read More on FSS:
- Federal Signal raises FY23 adjusted EPS view to $2.30-$2.46 from $2.21-$2.43
- Federal Signal reports Q2 adjusted EPS 67c, consensus 62c
- Federal Signal Reports Record Second Quarter Results Including Double-Digit Sales and Earnings Growth, Record Orders and Backlog; Raises Full-Year Outlook
- Federal Signal Corporation Declares Dividend of $0.10 per share
- FSS Upcoming Earnings Report: What to Expect?
