Alamo Group price target raised to $230 from $214 at DA Davidson

DA Davidson raised the firm’s price target on Alamo Group to $230 from $214 and keeps a Buy rating on the shares. The analyst cites the company’s Q3 earnings beat and the management’s commentary that double-digit growth is likely to persist for at least a few quarters, with margin upside to boot. Alamo’s current 12% operating margin target of about 15% EBITDA is also soon to increase and could end up close to 14%, the firm tells investors in a research note.