Miller Industries initiated with a Buy at DA Davidson

DA Davidson initiated coverage of Miller Industries with a Buy rating and $82 price target The inventor of the tow truck and current market leader “has not had sell-side coverage in decades and has escaped significant investor attention” as the company has grown to over $1.2B of sales thanks to growth in the number of vehicles on the road, the analyst tells investors. Miller Industries is “a hidden, less-cyclical Machinery gem for GARP investors,” according to the analyst, who also added Miller Industries to the firm’s event-driven STAMPEDE list, citing an ongoing activism campaign.