Baird analyst Michael Halloran raised the price target on Franklin Electric (NASDAQ: FELE) to $52.00 (from $45.00) while maintaining a Neutral rating following the company's 4Q earnings report. 4Q18 adjusted EPS was $0.52 (vs. $0.49 consensus). Sales increased 10% yoy overall to $317 million, above $310 million consensus on +9% organic, ~+4.5% acquisitions and -4% FX.

The stock has had an impressive run since December lows, but, at ~15x NTM EBITDA (historical highs), Halloran sees limited upside from here and remains on the sidelines. Initial 2019 earnings guidance is $2.37- $2.47 EPS (vs. $2.40 consensus).