M Partners Reiterates Buy Rating, $42.50 PT for Titan Machinery
In a morning note published earlier today, M Partners reiterated its Buy rating and $42.50 price target for Titan Machinery Incorporated (NASDAQ: TITN).
M Partners went on to say “Through the first 5 months of 2012 (calendar), we have seen commodity prices trend upward (with the exception of wheat) towards previously set peak prices and we believe these historically high or peak commodity prices will carry through calendar 2012 which in turn should translate into another year of solid agricultural equipment sales for Titan; consistent with or slightly better than the outlook that CNH [CNH Global N.V. (NYSE: CNH)] has provided with acquisitions providing further upside.”
Titan Machinery Incorporated closed yesterday at $30.85.
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