UPDATE: DA Davidson Upgrades Federal Signal (FSS) to Buy
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(Updated - October 7, 2022 8:18 AM EDT)
DA Davidson analyst Michael Shlisky upgraded Federal Signal (NYSE: FSS) from Neutral to Buy with a price target of $46.00 (from $39.00).
The analyst commented, "We are upgrading FSS to BUY, from Neutral, with a new price target of $46 (from $39) following our Industrials conference and subsequent follow-up call with management. The broad theme of owning a government-focused Machinery company in a recession remains appealing, and this time it is backed by large and already-passed stimulus bills. Beyond that, however, we were intrigued by management's comments about the TowHaul deal and ability to maintain pricing when commodity prices revert. In our view, the stock could see increased investor attention as macro, end-market, and company-specific sources of upside converge."
Shares of Federal Signal closed at $39.88 yesterday.
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