UPDATE: Oppenheimer Upgrades Titan International to Outperform, Establishes $30 PT

Oppenheimer raises its rating on Titan International TWI to Outperform from Perform and establishes a $30 price target based on capacity expansion. Oppenheimer says, "We upgrade TWI to Outperform, from Perform, based on capacity expansions and our belief the burgeoning mining business and contract wins in construction could add to an already strong Farm business. We believe catalysts could include at least one acquisition in the vital European arena and greater details regarding CAT. We set a target price of $30, but are valuation sensitive above that." TWI closed at $21.44 per share on Thursday.