Allient downgraded to Market Perform from Outperform at Northland

Northland analyst Ted Jackson downgraded Allient to Market Perform from Outperform with a price target of $40, down from $45. The company reported Q4 results that were “generally better than expected,” with revenues exceeding consensus and EBITDA inline with consensus, notes the analyst. While the firm thinks shares are “modestly undervalued,” it was surprised to see shares jump higher yesterday given that it does not see a recovery in the company’s end markets until the second half of 2024, at the earliest, the analyst tells investors.