Alta Equipment Group price target lowered to $12 from $20 at DA Davidson

DA Davidson lowered the firm’s price target on Alta Equipment Group to $12 from $20 and keeps a Buy rating on the shares. The firm cites the company’s recent EBITDA outlook cut while also reducing its own FY24 EBITDA view to $188M from $201M and its FY25 view to $208M from $220M to reflect challenging new/used equipment demand, price pressure within Construction Equipment and weaker overall large machine buys within Master Distribution, the analyst tells investors in a research note.