Titan International, Inc. (TWI) has been initiated today with coverage from the research analysts at BB&T Capital Markets. BB&T begins this new coverage of Titan International with an initial price target set at $32 dollars and rates performance of TWI as “buy.” Titan International announced yesterday that they will increase the price of all Titan tires and Titan manufactured Goodyear branded tires on August 1st, 2011. This price increase will be up to 8% which will offset production, material, transportation costs.
TWI has been on a bullish run after treading close to the 200-day simple moving average during the middle of June trading. From that region, shares found support on $20.73 on June 16th, 2011, and have proceeded to rise since then. Noteworthy is that shares are close to setting a new intraday high should TWI rise above the $27.49 price level which was last touched on May 31st, 2011.
Titan International is slated to release their next earnings report on July 27th, 2011, and is estimated to post EPS of 40 cents. Their last earnings report was released on April 27th, 2011, and announced EPS of 37 cents with revenue totaling $280.8 million which was up 43.0% year to year. TWI is currently trading above its 50 & 200-day moving averages and 2011 is currently an up year for the company.
Titan International, Inc. and its subsidiaries manufacture both wheels and tires for its target markets. As a leader in the off-highway industry, Titan produces a broad range of specialty products to meet the specifications of original equipment manufacturers and aftermarket customers in the agricultural, earth-moving, construction and consumer markets. The company has market capitalization of $1,138,495,380 and 42,073,000 shares outstanding. TWI has a 52-week high of $31.42 with the low being $9.44 dollars.
