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 TITN, related to a recent conference call. M Partners went on to say “We did not see anything in the financials nor did we hear anything on the conference call that would in our opinion warrant a 22% one day sell-off in the stock as we witnessed yesterday. In fact, management's guidance has remained unchanged and all indicators that we follow, be it acreage planted, crop production and yield forecasts, weather conditions, moisture levels, agriculture commodity price, etc. all point to yet another strong year for Titan's agricultural business segment. Similarly, while global macro concerns have heightened over the last couple of months, strong development of the Bakken oil & gas region coupled with farm expansion initiatives are expected to continue to drive results at Titan's construction business segment.” Titan Machinery Incorporated closed yesterday at $26.06.