Titan Machinery (TITN) PT Lowered to $16 at Craig-Hallum

Craig-Hallum analyst Eric Des Lauriers lowered the price target on Titan Machinery (NASDAQ: TITN) to $16.00 (from $25.00) while maintaining a Buy rating.

The analyst commented: "TITN pre-released FQ2 results well below consensus and reduced its FY25 guidance primarily due to weakening equipment demand and elevated Used inventories. Management is controlling the controllable, prioritizing a return to targeted stocking levels, but it comes at the expense of near-term margins which may approach historical lows seen during the downturn in 2016/2027 (~5-8%). We continue to believe TITN is an experienced operator, capable of managing the business near profitability (excluding the one-time sale leaseback that clipped this quarter’s earnings) with cost rationalization and heightened P&S focus, all while leveraging the relationship with CNH. Given the strategic value the company possesses and with the stock indicated to trade ~50% below tangible book value, we maintain our BUY rating."

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