Northland analyst Ted Jackson named Mayville Engineering a “2024 Top Pick” and thinks shares are worth “at least $20,” which is the firm’s price target. The firm expects the company will see material free cash flow growth as it fills underutilized production capacity and tells investors much of the business needed to fill this capacity is already booked and will begin generating revenue in FY24. Northland keeps an Outperform rating on Mayville shares.
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