Baird upgrades Titan Machinery stock rating on inventory clearing

Baird upgraded Titan Machinery's stock rating to Outperform from Neutral, raising its price target to $29.00 from $20.00. The firm attributed this upgrade to the completion of the destocking process that characterized the recent downcycle, with equipment inventory declining nearly $600 million from the second-quarter fiscal 2025 peak.

The improved equipment margins and the new-model-year machine mix are expected to maintain momentum, as the company currently trades at less than 1.0 times tangible book value with no further risk of an inventory write-down.

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