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.
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Read More on ALTG:
- Alta Equipment downgraded at Northland after ‘disappointing’ Q3
- Alta Equipment Group downgraded to Market Perform from Outperform at Northland
- Alta Equipment Group Reports Decline in Q3 2024 Revenue
- Alta Equipment Group reports Q3 adjusted EPS (72c), consensus (24c)
- Alta Equipment Group sees FY24 adjusted EBITDA $170M-$175M
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