Alamo Group downgraded to Neutral from Buy at DA Davidson on valuation

DA Davidson downgraded Alamo Group (ALG) to Neutral from Buy with a $225 price target The firm cites valuation for the downgrade. Discussions with management as well as peers paint a robust demand picture for the remainder of this year, especially for truck-mounted equipment, though the firm’s analysis of Class 8 Straight Truck data suggests that orders have slowed down, inventories have reached all-time highs, and retail sales have normalized after a rapid growth period, the analyst tells investors in a research note.