Astec price target lowered to $37 from $50 at Baird

Baird analyst Mircea Dobre lowered the firm’s price target on Astec to $37 from $50 and keeps a Neutral rating on the shares. The firm said they are still struggling with determining if 2023 orders are truly indicative of end-user demand and whether 2021/2022 order pull forwards will lead to a medium-term lull with negative implications for production and margins into 2H24/2025.