Alta Equipment Group (ALTG) PT Lowered to $20 at DA Davidson

DA Davidson analyst Matt Summerville lowered the price target on Alta Equipment Group (NYSE: ALTG) to $20.00 (from $22.00) while maintaining a Buy rating.

The analyst commented: "Following ALTG’s recent 1Q24 results and further due diligence, we are reducing our adj. EBITDA outlook for 2024 and 2025 to reflect weaker-than-expected 1Q results and some modest tempering of go-forward EBITDA expectation driven by a tough start to the year for Ecoverse and Peak as well as some elevated 1Q spend. Most key indicators continue to trend positively, indicative of a normal seasonal acceleration, while comps also ease a bit in the aforementioned divisions. Product support revenue and margin also remains healthy. ATLG’s balance sheet leverage remains manageable. We reduce our PT to $20, though affirm our BUY."

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