B. Riley analyst Alex Rygiel initiated coverage of Titan Machinery with a Buy rating and $48 price target. He estimates that 85%-90% of Titan’s total revenue is tied to the agriculture industry through ag and construction equipment sales to farmers and ranchers, making it "a defensive play in an uncertain economic environment." Despite headwinds within the company’s Ukraine operations, which Rygiel thinks "continue to depress the equity valuation," Titan’s recent financial performance has been strong, the analyst added.
Published first on TheFly
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