Titan Machinery price target lowered to $24 from $25 at Baird

Baird lowered the firm’s price target on Titan Machinery to $24 from $25 and keeps a Neutral rating on the shares. Q4 EPS and revenues beat expectations, but initial FY25 EPS guidance was issued 25% below prior consensus even though revenue guidance implies year-over-year growth in all segments, the analyst tells investors. Margins “have now clearly peaked,” contends the analyst, who thinks softening demand and rapidly increasing supply “limits earnings upside in FY25.”