Franklin Electric price target raised to $90 from $87 at DA Davidson

DA Davidson raised the firm’s price target on Franklin Electric to $90 from $87 and keeps a Neutral rating on the shares after its Q1 results. The company’s end market conditions remain mixed, with weaker domestic ag/ residential demand as well as sluggish inbound orders for large dewatering pumps against a tough compare, the analyst tells investors in a research note. Franklin Electric’s channel destocking also appears to have largely played out at this point, which should set the stage for improving organic performance, the firm added.