Titan Machinery initiated with a Buy at Lake Street

Lake Street analyst Ben Klieve initiated coverage of Titan Machinery with a Buy rating and $50 price target. Supply chain challenges in the past two quarters “spooked the market into giving back much of the value it afforded Titan after a multi-year period of record results,” notes the analyst, who calls this “directionally understandable.” However, the firm believes the magnitude of recent declines is overstated and views the year-to-date decline in the stock as one that presents investors with “a compelling entry point.”