Mayville Engineering downgraded to Market Perform from Outperform at Northland

Northland downgraded Mayville Engineering (MEC) to Market Perform from Outperform with an unchanged price target of $20. While the firm likes the fundamentals of the company and its long-term growth outlook, it thinks shares are close to fully valued and notes that they are “knocking against a reasonably strong point of resistance from a chart perspective.”