Franklin Electric price target raised to $85 from $80 at DA Davidson

DA Davidson analyst Matt Summerville raised the firm’s price target on Franklin Electric to $85 from $80 but keeps a Neutral rating on the shares after its Q4 results. The company generated 13% organic sales growth, the majority of which was attributable to price capture, and the decline in groundwater volumes within North America appeared to be offset by gains within its Pioneer dewatering pump product line, the analyst tells investors in a research note. The firm adds that the backlog of unfilled orders remains healthy and elevated, though the stock’s valuation is keeping it at neutral.