Titan Machinery Stock Rating Reaffirmed by Piper Jaffray (TITN)

Piper Jaffray reiterated their overweight rating on shares of Titan Machinery (NASDAQ: TITN) in a research note issued to investors on Wednesday.

“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.,” Piper Jaffray’s analyst wrote.

Shares of Titan Machinery (NASDAQ: TITN) opened at 29.45 on Wednesday. Titan Machinery has a one year low of $19.07 and a one year high of $36.92. The stock’s 50-day moving average is currently $29.09. The company has a market cap of $612.9 million and a P/E ratio of 13.87.

Several other analysts have also recently commented on the stock. Analysts at William Blair initiated coverage on shares of Titan Machinery in a research note to investors on Wednesday, January 16th. They set an outperform rating and a $33.00 price target on the stock. Analysts at Standpoint Research downgraded shares of Titan Machinery from a buy rating to a hold rating in a research note to investors on Wednesday, January 2nd.

Five equities research analysts have rated the stock with a buy rating, three have given an overweight rating, and one has issued a hold rating to the company. The company currently has a consensus rating of overweight and an average price target of $33.43.

Titan Machinery Inc. owns and operates a network of agricultural and construction equipment stores in the United States.

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