Northland keeps Allient at Market Perform, says ‘made a mistake’ with downgrade

Northland is maintaining a Market Perform rating on Allient (ALNT) with a $35 price target after the company reported better than expected Q1 results and offered commentary suggesting an improved FY25 outlook, telling investors that the firm “made a mistake downgrading our rating in front of the report and are frustrated because we made the correct call with our mid-February upgrade.” However, while the analyst would like to raise the firm’s rating, the “fact is that appreciation in shares post earnings has brought them too close our fair value view.”