Alamo Group upgraded to Outperform from Neutral at Baird

Baird upgraded Alamo Group (ALG) to Outperform from Neutral with a price target of $260, up from $209. The firm sees stabilization and positive developments in utility and small tractors demand. In addition, dealer destocking should carry over to attachment demand while the rebound in hay and alfalfa prices year-to-date should help Alamo’s Vegetation segment, the analyst tells investors in a research note. Baird sees the company’s recent cost reductions as boosting earnings expectations into 2026.