H&E Equipment price target raised to $60 from $59 at BofA

BofA analyst Sherif El-Sabbahy raised the firm’s price target on H&E Equipment to $60 from $59 and keeps a Buy rating on the shares after Q4 results beat expectations and commentary on end market demand remained constructive. Despite ongoing concerns on a slowdown in demand, the firm views lower capex, which it notes “caught some investors by surprise, as a function of a young fleet, higher than expected 2023 spending and a focus on driving utilization. The firm raised its 2024 and 2025 revenue forecasts by 2% and 3%, respectively, as it models higher rental revenue and a recovery in Parts, Service & Other revenue.