Hyster-Yale Materials selloff on ‘confusing’ Q4 ‘unjustified,’ says Northland

Northland analyst Ted Jackson reiterates an Outperform rating and $80 price target on Hyster-Yale Materials after shares traded down sharply yesterday on the company’s “confusing” Q4 results and commentary about the FY24 outlook. The firm thinks the market misread the ramifications of the bottomline Q4 miss and management commentary regarding FY24 lift truck pricing and margins and would be a buyer on the selloff, adding that it would be “particularly aggressive if shares fail to hold the current support and fall to the next and more substantial support level at roughly $55.”