Mayville Engineering price target lowered to $18 from $22 at Citi

Citi analyst Andrew Kaplowitz lowered the firm’s price target on Mayville Engineering (MEC) to $18 from $22 and keeps a Buy rating on the shares post the Q4 report. The results came below expectations due to softness in demand and inventory destocking across key end-markets, pressuring margins, the analyst tells investors in a research note. Citi thinks Mayville’s proactive cost measures should help offset near-term softness until a recovery in end market demand.