09:30 AM EDT, 04/30/2024 (MT Newswires) -- CFRA, an independent research provider, has provided MT Newswires with the following research alert. Analysts at CFRA have summarized their opinion as follows:

We keep our 12-month target of $55 following FLS's Q1 release, valuing shares at 18.5x our 2025 EPS forecast of $3.00 (in line with previous estimate; we lift our 2024 EPS outlook by $0.10 to $2.68), slightly below FLS's five-year forward P/E average. FLS posted operating EPS of $0.58 (up 44% Y/Y), beating consensus by $0.11. Improved order backlog conversion enabled Q1 revenue growth of 11% Y/Y, led by original equipment sales (up 14%). Q1 aftermarket bookings were a standout in Q1, with oil & gas remaining the leading end market for orders. We attribute the beat on earnings primarily to progress made on profitability, with adjusted operating margins widening by 260 bps as a result of cost optimization and operational efficiency initiatives. We think that greater-than-anticipated improvement in margins bode well for earnings and should back double-digit annual EPS growth over the next several years. We continue to see upside in shares and keep FLS at Strong Buy.