Mayville Engineering price target lowered to $14 from $16 at Baird

Baird analyst Mircea Dobre lowered the firm’s price target on Mayville Engineering to $14 from $16 and keeps an Outperform rating on the shares following the Q1 earning miss. The distortions from material pass throughs and Hazel Park facility ramp should moderate, the analyst tells investors in a research note. The firm sees good potential for Mayville’s margin expansion and free cash flow generation and thinks the shares can return back to the mid-teens.