Douglas Dynamics downgraded to Neutral from Outperform at Baird

Baird analyst Timothy Wojs downgraded Douglas Dynamics to Neutral from Outperform with a price target of $25, down from $36. The firm’s channel checks point to meaningfully weaker pre-season order intentions resulting from weak snowfall. Inventory is broadly too high and other non-snow factors also appear to be weighing on the company, such as interest rates for financing and light truck sales, the analyst tells investors in a research note. Baird believes the magnitude around pre-season expectations is much greater than it modeled, which further weigh on Douglas Dynamics financially near term.