Douglas Dynamics (PLOW) PT Lowered to $30 at DA Davidson

DA Davidson analyst Michael Shlisky lowered the price target on Douglas Dynamics (NYSE: PLOW) to $30.00 (from $31.00) while maintaining a Buy rating.

The analyst comments "We are maintaining our BUY rating on PLOW, with a new price target of $30 (from $31) following 1Q:24 results. The company continues to manage through a difficult period with little to no snowfall in core markets; that said, solid execution, new products, non-snow business improvements and cost reductions are all softening the blow. First-quarter results provide more evidence that 1) the dividend does not appear at risk and 2) a bottom for earnings is forming. Stocks in Machinery typically trade at elevated valuations around an earnings trough--PLOW has not yet made this run, so we would be enthusiastic buyers in advance of this move."

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