Titan Machinery price target raised to $22 from $19 at B. Riley

B. Riley analyst Liam Burke raised the firm’s price target on Titan Machinery (TITN) to $22 from $19 and keeps a Neutral rating on the shares. Titan Machinery’s Q1 results featured revenue that was lower by 6.7% year over year, but better-than-expected due to the timing of pre-sold agriculture equipment rather than any change in a tough agriculture sector, the analyst tells investors in a research note. Despite a tough macro environment, the company continues to manage the business with consistent contribution from higher-margin parts and services to offset lower equipment sales, the firm says.