Alamo Group initiated with an Outperform at William Blair

William Blair initiated coverage of Alamo Group (ALG) with an Outperform rating. The firm says the company’s brands have “strong competitive positions across many niche” municipal, industrial, and vegetation equipment markets. Alamo operates as the largest player or one of a handful of scaled competitors, the analyst tells investors in a research note. Blair sees fair value of $220 per share.