ATBAs to be expected in these markets, a pretty extreme reaction. GLTA
In response to a first-quarter miss and “weak” guidance, ATB Capital Markets’ Tim Monachello trimmed his Ag Growth International Inc. target to $81, below the $82 average, from $85 with an “outpeform” rating.
“While AFN’s H1/24 results are expected to be impacted by shifting Commercial project schedules and softness in US Farm activity, we believe AFN continues to benefit from longer-term structural tailwinds including product transfers, operational excellence initiatives, and deleveraging that we believe underpin its long-term value proposition for investors. Still, AFN shares could face pressure as investors weigh the implications of its weakened near-term outlook,” said Mr. Monachello.