Feltl and Company Reiterates Strong Buy Rating, $41.44 PT for Titan Machinery

In a report published earlier today, Feltl and Company reiterated its Strong Buy rating and $41.44 price target for Titan Machinery Incorporated TITN. Feltl and Company went on to say “Titan Machinery is emerging as one of the dominant participants in the farm and construction machinery and equipment retailing business, an industry that generated nearly $105 billion in revenues in 2011. With sales of $1.659 billion in FY2012 (ended January 2012), TITN's growth opportunities are clearly substantial. Titan Machinery is now seeing sharply improving trade conditions and the share price should reflect upward prospects for comps, acquisitions, sales, margins and EPS. Hence, we rate TITN a STRONG BUY and our $41.44 target assumes a multiple of 15.5 times our FY2013 EPS estimate of $2.68. Valuations in the machinery and equipment sector are closer to 11-15 times but we believe TITN's massively higher growth rates will translate into a higher multiple.” Titan Machinery Incorporated closed yesterday at $26.06.