Hyster-Yale Materials price target lowered to $70 from $84 at Roth MKM

Roth MKM lowered the firm’s price target on Hyster-Yale Materials (HY) to $70 from $84 but keeps a Buy rating on the shares. The company posted a slightly weaker than expected quarter, as EMEA volumes were down more sharply than anticipated on supply chain challenges and shipping delays for new products while its bookings appear to be showing signs of stabilization, though the firm sees Hyster-Yale as an undervalued GDP-plus type grower with solid growth prospects and a call option on an attractive fuel cell technology business, the analyst tells investors in a research note.