Mayville Engineering price target raised to $19 from $15 at Baird

Baird analyst Mircea Dobre raised the firm’s price target on Mayville Engineering (MEC) to $19 from $15 and keeps an Outperform rating on the shares. The analyst states that today’s earnings beat from Paccar (PCAR), Mayville’s "key customer", coupled with several recent data points in Ag and Construction verticals all point to higher production rates in 2023. Baird believes that Mayville Engineering shares will continue moving higher amid higher growth and margin expansion due to "much improved" free cash flow generation.