UPDATE: Piper Jaffray Reiterates Titan Machinery at Overweight Following Strong Competitor Results

In a report published by Piper Jaffray, analyst Michael E. Cox reiterated his Overweight rating and $36 price target on Titan Machinery

Piper Jaffray reported that, “Following strong 4Q earnings results yesterday from CNH dealership network Rocky Mountain Dealerships, we are incrementally more positive on the 2013 outlook for TITN and would be buyers prior to the 4Q earnings release in mid-April. We believe the RME results and outlook are a good read through on expectations for Titan's 4Q13, with upside potential given the strength of Titan's U.S. network footprint and growth opportunity in Eastern Europe. We believe that the strong U.S. Ag fundamentals and improving construction market bodes well for growth in 2013, despite investor concerns around farm machinery cyclical peak earnings and downward pressure from lower grain prices due to replenishing global grain stocks.” Shares of Titan Machinery closed at $29.39 on Tuesday.