S&P Equity Research Downgrades Federal Signal (FSS) to Sell
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S&P Equity Research downgrades Federal Signal (NYSE: FSS) from Hold to Sell.
S&P analyst, R. Tortoriello, says, "FSS reports Q1 EPS of $0.09 vs. $0.15 on a 7% sales rise. Operating margins declined to 5.6% from 7.9%, on higher litigation, cost reduction, and other expenses. Book-to-bill was 1.1X on higher safety and fire rescue product sales, and backlog equaled 1.6 quarters of sales. We are concerned that projected weak tax revenues and higher debt costs may curb municipal spending, and we are lowering our '08 EPS estimate by $0.40 to $0.60, and introducing an '09 EPS projection of $0.80. We trim our 12-month target price by $1 to $12, based on our '09 forecast."
Federal Signal Corporation designs and manufactures a suite of products and integrated solutions for municipal, governmental, industrial and airport customers. [SM]
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