Alta Equipment Group price target lowered to $9 from $10 at Raymond James

Raymond James lowered the firm’s price target on Alta Equipment Group (ALTG) to $9 from $10 and keeps a Market Perform rating on the shares. The company reported a “light” Q3 print and FY24 guidance, reflecting sustained pressures across the equipment landscape, the analyst tells investors in a research note. While management called out a positive demand shift following the recent U.S. election and believes a recovery will likely unfold through 2025 as excess supply fades, the firm said it is comfortable sticking to the sidelines until further clarity emerges.