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.
Published first on TheFly – the ultimate source for real-time, market-moving breaking financial news. Try Now>>
See the top stocks recommended by analysts >>
Read More on ALG:
- Alamo Group price target raised to $212 from $207 at Baird
- Alamo Group Board Changes: Retirement and New Director Appointment
- ALAMO GROUP ANNOUNCES RECORD 2023 FOURTH QUARTER AND YEAR END RESULTS
- Alamo Group reports Q4 EPS $2.63, consensus $2.68
- ALG Earnings Report this Week: Is It a Buy, Ahead of Earnings?