Seaport Research raised the firm’s price target on Federal Signal to $95 from $75 and keeps a Buy rating on the shares. The firm is updating its model in response to the improving 2024-2025 outlook, the analyst tells investors. Seaport anticipates 2024 will be a period of increasing orders and execution on the $1B backlog. Further, the company’s balance sheet is in great shape and the management team has done well improving profit margins, the firm adds.
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