Baird says ‘bit too early to get more aggressive’ on Titan Machinery

After Titan Machinery reported Q2 EPS and revenues consistent with its pre-release and reiterated FY25 guidance in line with the pre-announcement, Baird said equipment inventories appear to have peaked in Q2, but adds that equipment margins are already reflecting lower used prices and increased incentives for new equipment sales. The firm, which thinks pressure will ramp in FY26, believes the sharp stock pullback is “increasingly pricing in” these dynamics, but still calls it “a bit too early to get more aggressive,” leading the firm to maintain a Neutral rating and $13 price target on Titan shares.