UPDATE: Jefferies Lowers PT on Titan International from $24 to $23

Jefferies reiterated a Hold rating on Titan International

and lowered its price target from $24 to $23. Jefferies noted, “2Q EPS of $0.56, excluding a $0.29 gain on contract termination, came in below consensus of ~$0.65. Top line weakness was a result of FX and slower production while margin weakness was the result of production inefficiencies. However, no forward commentary was given due to the bid for Titan Europe, limiting investor visibility. We continue our Hold rating and tweak our price target down to $23.” Titan International closed at $20.00 on Thursday.