FELE - Franklin Electric rated Perform in new coverage at Oppenheimer

2023-04-19 10:06:15 ET

Franklin Electric ( NASDAQ: FELE ) on Tuesday was rated Perform in new research coverage by analysts at Oppenheimer. They said the maker of water and fuel pumps is “reasonably valued in its current price range” compared with industry peers.

“Our more cautious views on Franklin’s ( FELE ) sometimes volatile, lower-margin distribution business (more favorable return on invested capital comparisons) and fueling segment (highly profitable, but ultimately vulnerable to electric-vehicle transition) keep us patient” at the current valuation, Bryan F. Blair, analyst at Oppenheimer, said in an April 19 report.

Oppenheimer forecast that Franklin ( FELE ) in 2023 will see EPS of $4.17, compared with company guidance of $4.10 to $4.30. The financial services firm estimated Franklin’s ( FELE ) EPS will grow to $4.45 in 2024.

Franklin ( FELE ) gained 12% since beginning of the year through April 18, compared with a 3.6% gain for the Standard & Poor’s 400 midcap stock index ( SP400 ).

Seeking Alpha contributor GS Analytics rates Franklin Electric ( FELE ) as a Hold because of concerns about the residential market and fuel systems business . Columnist Stephen Simpson also has a Hold rating on Franklin Electric ( FELE ) based on its current valuation .

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