Alamo Group price target raised to $207 from $195 at Baird

Baird analyst Mircea Dobre raised the firm’s price target on Alamo Group to $207 from $195 and keeps an Outperform rating on the shares. The analyst says the company’s Q3 “had a lot to like” as orders posted a healthy sequential rebound while margins were slightly better than expected. The firm sees good potential for Alamo’s earnings growth in 2024 even in a choppier macro environment, with acquisitions a meaningful potential catalyst given its “available firepower.”