DA Davidson cuts Miller Industries stock price target on chassis delays
DA Davidson reduced its price target for Miller Industries (NYSE:MLR) to $54 from $64, citing Q3 2026 results below expectations due to chassis delays. The company kept its full-year EPS guidance. Shares fell 13.5% post-earnings, trading at $45.06. Miller reported Q3 adjusted EPS of $0.53 on revenue of $212.2M, missing estimates by $0.11 and $29M.
How this was made
The 30-second read
Why it matters
The earnings miss and target reduction suggest near‑term downside, but the company's cash flow and dividend history provide a floor.
Market read
Primary earnings and analyst downgrade news for MLR; moderate relevance for industrial sector.
What to watch
Strong free‑cash‑flow yield and 17‑year dividend streak could attract income‑focused investors despite the miss.
Background
Miller Industries reported Q3 2026 earnings that fell short of expectations, prompting a price‑target cut.
Ticker impact
DA Davidson cut MLR price target to $54 and cited Q3 earnings miss and chassis delays.
likely pressure as the market prices in the earnings shortfall and lower target.
The analyst downgrade follows a 13.5% post‑earnings drop, indicating fresh negative sentiment.
Market effects
Tow‑truck manufacturers may face broader scrutiny on supply‑chain delays.
European chassis shutdowns could affect related industrial stocks in the region.
Limited to industrial equipment sector; no broad market impact.
Counterpoint
The chassis delays may be temporary and earnings could rebound, making the stock undervalued at current levels.
Key entities
- companyMiller Industries
Tow‑truck manufacturer (NYSE:MLR).
- analystDA Davidson
Equity research firm that lowered the price target.
