Baird downgraded Titan Machinery (TITN) to Neutral from Outperform with a price target of $21, down from $24. The firm says the shares are up 31% year-to-date as inventory destocking progress has eliminated most of Titan’s discount to tangible book value. However, further declines in both the company’s U.S. and Europe businesses will pressure its earnings and book value, the analyst tells investors in a research note. Baird believes its destock thesis is largely played out.
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Read More on TITN:
- Cautious Hold Recommendation for Titan Machinery Amid Market Challenges and Limited Upside Potential
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