UPDATE: Jefferies Reiterates Buy Rating, Lowers PT on Titan International on Multiple Q4 Issues

In a report published Wednesday, Jefferies reiterated its Buy rating on Titan International

, but lowered its price target from $27.00 to $25.00. Jefferies noted, “Q4 was a horrendous quarter amidst poor management execution and communication. But most of the 4Q issues appear short term in nature, and we believe the fundamental TWI story remains intact. Valuation is likely to remain depressed until management credibility improves, but we expect growth to resume as end markets in NA and SA remain strong. We continue our Buy rating, and tweak our price target to $25.” Titan International closed on Tuesday at $21.17.