Titan Machinery price target lowered to $15 from $30 at Lake Street

Lake Street lowered the firm’s price target on Titan Machinery to $15 from $30 and keeps a Hold rating on the shares. Titan pre-released Q2 results showing equipment demand is continuing to soften, leading to $634M of expected revenue, and guidance was cut from a revenue growth midpoint of 6.6% to a decline of (1.1%), but even more significant was the EPS cut from a midpoint of $2.50/share to 25c/share on margin pressure, the analyst tells investors in a research note. Material improvement appears to be 12+ months away, the firm says.