Global Hunter Securities Starts Franklin Electric (FELE) at Accumulate

Global Hunter Securities initiated coverage on Franklin Electric (NASDAQ: FELE) with a Accumulate rating and a price target of $37. Analyst Ryan Cassil expects sales disruptions in Q2 but he has a favorable outlook for the second half of the year.

"While we expect some disruptions in the quarter from flooding in TX and parts of the Midwest, we believe demand trends for surface and groundwater pumps are improving. Pricing is likely to still be a headwind as the industry is quite competitive, however, we are optimistic that mix will begin to shift towards groundwater pumps again as spending in the US has been down for several quarters," said Cassil.

For an analyst ratings summary and ratings history on Franklin Electric click here. For more ratings news on Franklin Electric click here.

Shares of Franklin Electric closed at $30.96 yesterday.

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