Astec downgraded to Hold from Buy at Stifel

Stifel downgraded Astec to Hold from Buy with a price target of $37, down from $47. The firm says its Buy thesis was predicated on the belief that Astec’s business stood to benefit from increased infrastructure spending. However, the company hasn’t been able to overcome supply chains issues, an increasing competitive landscape, and manufacturing issues which have combined to limit margin upside versus initial thoughts, the analyst tells investors in a research note. Stifel prefers to see further improvement in the business before revisiting its rating.