Hyster-Yale Materials downgraded to Market Perform from Outperform at Northland

Northland downgraded Hyster-Yale Materials to Market Perform from Outperform post the Q2 report. The company discontinued publishing lift truck unit shipment data, which makes Northland’s model “broken” because this data drove the revenue forecast, the analyst tells investors in a research note. The firm says it will revisit its rating once it rebuilds the company’s model.