M Partners Reiterates Buy Rating, $42.50 PT for Titan Machinery

In a morning note published earlier today, M Partners reiterated its Buy rating and $42.50 price target for Titan Machinery Incorporated (NASDAQ: TITN).

M Partners went on to say “The stronger than expected revenue was driven by same store growth of 16.2% that contributed about half of the revenue increase while acquisitions made up the other half of the increase. Same store agricultural sales were driven by the strong financial position of farmers given continued high prices for agricultural commodities and market share gains. Increased demand for construction equipment driven by increased oil & gas activity in the Bakken region demand from farmers as they expand their farming infrastructure and operations and economic strength driven by strong farming and oil & gas industries, all helped drive results in the construction segment.”

Titan Machinery Incorporated closed on Friday at $26.06.