B. Riley lowered the firm’s price target on Titan Machinery to $43 from $44 and keeps a Buy rating on the shares following the “light” fiscal Q3 results. The firm lowered estimates to reflect volume declines but continues to believe farm income will remain relatively strong and Titan can grow its higher margin parts and service revenue as it gets through servicing the increased level of pre-sold equipment in inventory.
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Read More on TITN:
- Titan Machinery price target lowered to $25 from $32 at Baird
- Titan Machinery Inc. Announces Results for Fiscal Third Quarter Ended October 31, 2023
- Titan Machinery backs FY24 EPS view $4.60-$5.25, consensus $5.05
- Titan Machinery reports Q3 EPS $1.32, consensus $1.53
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