M Partners Reiterates Buy Rating, $36.25 PT on Titan Machinery

In a report published Friday, M Partners reiterated its Buy rating and $36.25 price target on Titan Machinery TITN. M Partners noted, “The stronger than expected revenue was driven by same store growth of 24.5% that contributed about two-thirds of the revenue increase while acquisitions made up the rest of the increase. Same store agricultural sales were up 26.4% driven by the strong financial position of farmers as high crop prices coupled with crop insurance proceeds led to a year-over-year increase in net farm income. Increased demand for construction equipment driven by increased oil & gas activity in the Bakken region, demand from farmers as they expand their farming infrastructure and operations and the start of a recovery in housing starts, all helped drive a 15.2% same store increase in the construction segment.” Titan Machinery closed on Thursday at $23.49.