Baird analyst Mircea Dobre notes that Titan Machinery delivered a Q2 beat, as the firm had previewed, but “surprisingly, no guidance raise.” Early comments on calendar 2024 demand calls for flattish volume, which combined with rising inventory and peaking used prices “point to earnings risk” into 2024, or FY25, contends the firm. Baird, which “would fade today’s rally,” keeps a Neutral rating and $30 price target on Titan Machinery shares, which are up $2.92, or 10%, to $32.00.
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Read More on TITN:
- Titan Machinery Inc. Announces Results for Fiscal Second Quarter Ended July 31, 2023
- Titan Machinery still sees FY24 EPS $4.60-$5.25, consensus $4.90
- Titan Machinery reports Q2 EPS $1.38, consensus $1.17
- Titan Machinery acquires Australian IH dealer J.J. O’Connor for $ 63M in cash
- Titan Machinery Inc. Announces Strategic Acquisition of O’Connors
