UPDATE: Piper Jaffray Lowers PT on Titan Machinery to $29

Piper Jaffray published a research report on Titan Machinery TITN and has lowered the price target on the company from $35 to $29 following reports of margin weakness. In the report, Piper Jaffray wrote, "We are reiterating our Overweight rating on TITN shares on the heels of the stock's sharp decline this morning after guiding lower for FY13 (Jan). We believe the equipment margin compression that weighed on 2Q results and is expected to impact 2H13 is not indicative of a structural margin decline, but rather an issue with industry-wide used farm equipment inventory levels. As used inventory levels are worked down (as our monthly dealer survey would indicate is occurring), we believe equipment margins will bounce back in FY14. We are lowering our FY13 EPS estimate to $2.15 (guidance $2.10-$2.30) and bringing our FY14 EPS estimate down to $2.60." Piper Jaffray reiterated its Overweight rating on Titan Machinery, which is currently trading down 21.49 percent from Friday's $25.36 closing price.