Alamo Group price target raised to $265 from $235 at EF Hutton

EF Hutton raised the firm’s price target on Alamo Group to $265 from $235 and keeps a Buy rating on the shares. The shares fell 5% after the earnings report likely due to the sales and operating margin miss in Vegetation Management, the analyst tells investors in a research note. The firm believes investors “are being myopic” on the dealer destocking and farming downturn, which it notes could have bottomed and should begin growing in June. It is enthusiastic about Alamo Group’s sales growth and margin expansion in Industrial Equipment.