Mayville Engineering price target lowered to $18 from $19 at Baird

Baird analyst Mircea Dobre lowered the firm’s price target on Mayville Engineering to $18 from $19 but keeps an Outperform rating on the shares after its Q4 results. The analyst states that demand remains healthy across all end markets excluding powersports, though the company’s management did strike a somewhat cautious tone on end-market demand through 2023. The firm added that while the guidance embeds cautious assumptions on the macroeconomy along with temporary margin headwinds, it continues to see upside given gradual supply chain improvements and higher production rates at important MEC customers.