UPDATE: Piper Jaffray Raises PT to $30 on Titan Machinery on Channel Checks
Piper Jaffray reiterated its Overweight rating on Titan Machinery (NASDAQ: TITN) and increased its price target from $29 to $30.
Piper Jaffray commented, "We are lifting our 4Q sales and EPS estimates above consensus on TITN to reflect a stronger-than-expected close to CY12 as farmer customers looked to capitalize on expiring tax incentives on new & used equipment purchases. Sales activity appears to have gathered momentum as December progressed and culminated in a very active last week, according to discussions with equipment dealers and used equipment auction observations. This was particularly true in TITN's northern cornbelt footprint where growing conditions were less affected by drought, resulting in stronger farm income & greater tax liabilities to be offset by accelerated depreciation credits."
Titan Machinery closed at $24.70 on Monday.
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