William Blair initiated coverage of Federal Signal with an Outperform rating. The company has established itself as a “high-quality industrial compounder” with an ability to not only drive strong organic growth, but also accretively add to its market-leading platform of specialty commercial vehicle businesses, the analyst tells investors in a research note. The firm believes investors do not fully appreciate the earning power implied by Federal Signal’s high-single-digit organic growth algorithm and margin expansion potential.
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