UPDATE: Jefferies Upgrades Titan International to Buy on Favorable Risk/Reward

Jefferies raised its rating on Titan International

from Hold to Buy with a reiterated $23 price target. Jefferies said, "TWI shares have been hit by worries about its NA ag and mining end markets, as well as the impact of its mining tire capacity expansion on margins. However, we believe that worries about the earnings trajectory are overdone for now and that earnings, a potential guidance update, and more discussion of the company's Titan Europe acquisition could be positive catalysts." Titan International closed at $17.84 on Friday.