UPDATE: Piper Jaffray Initiates Titan Machinery with Overweight, $35 PT: Secular Story in Cyclical Industry

Piper Jaffray initiates its coverage on Titan Machinery TITN with an Overweight rating and a price target of $35. Piper Jaffray notes, "We believe the recent pullback in the shares presents an attractive entry point. We see multiple catalysts for sustained sales and profit growth over the next 12-18 months, in spite of growing investor concerns around the ag equipment cycle. We are introducing FY13 and FY14 (January) EPS estimates that are above consensus owing to internal initiatives to boost the mix of higher margin revenue streams as well as previously completed acquisitions that extend Titan's geographic footprint into the Bakken shale region for construction equipment and the farm equipment market in Eastern Europe." TITN closed at $27.71 on Monday.