Alamo Group price target raised to $212 from $207 at Baird

Baird raised the firm’s price target on Alamo Group to $212 from $207 and keeps an Outperform rating on the shares following a “mixed” Q4 report. While 2024 will start “slower than we previously envisioned,” Alamo remains well positioned to navigate softer near-term Vegetation, while M&A could generate additional upside given that management sounded “incrementally positive on opportunities into 2024,” says the firm, which remains long-term buyers of the shares.