UPDATE: Wedbush Initiates Franklin Electric on Additional Upside in Shares Given Healthy Backdrop

In a report published on Monday, Wedbush analyst David L. Rose initiated coverage on Franklin Electric FELE with an Outperform rating and a $41 price target. In the report, Wedbush stated, "Having successfully transitioned from being an OEM supplier to a direct manufacturer of pumping systems, we believe Franklin Electric has strategically positioned itself to benefit from long-term water challenges through an expanding platform of water pumping solutions. Recent acquisitions, increased distribution, and new product development should provide steady growth, while FELE's disciplined operations drive ROIC and EPS." Franklin Electric closed on Monday at $36.71.