In a report published Monday, Jefferies analyst Stephen Volkmann downgraded the rating on Titan International TWI from Buy to Hold, and lowered the price target from $25.00 to $21.00.
In the report, Jefferies noted, “Our BUY rating on TWI has been predicated on 1) low valuation and 2) a belief that recent margin issues were short term and would begin to reverse in the 2Q. News late Friday suggests both margins and revenues could be pressured by industry-wide destocking (and associated pricing pressure), leaving us with only low valuation to support the shares. As such, we lower our rating to HOLD until we get more clarity on these near-term issues.”
Titan International closed on Friday at $22.19.
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