Mayville Engineering downgraded at Northland after ‘disappointing’ Q3

As previously reported, Northland analyst Ted Jackson downgraded Mayville Engineering (MEC) to Market Perform from Outperform with a price target of $20, down from $30, following “disappointing” Q3 results and company indications that a challenging demand environment is expected to remain in place into the first half of 2025. Restructuring efforts were undertaken in response, notes the analyst, who remains “a fan of the company,” but expects shares to “trade sideways until the outlook for growth improves.”