Alamo Group price target raised to $156 from $136 at DA Davidson

DA Davidson analyst Michael Shlisky raised the firm’s price target on Alamo Group to $156 from $136 but keeps a Neutral rating on the shares. The company is experiencing strong demand tailwinds and looks likely to ride out 2023 with more than just a strong opening backlog, though it also appears to be facing fairly stiff headwinds on supply-chain and labor shortages, the analyst tells investors in a research note. Shlisky adds that he is "warming up" on Alamo as a "sneaky recession play", though he prefers to remain on the sidelines given the current risks.