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Fly News Breaks for October 24, 2018
ASTE
Oct 24, 2018 | 06:21 EDT
Stifel analyst Stanley Elliott downgraded Astec Industries to Hold and lowered his price target for the shares to $40 from $63 after the company's Q3 results missed expectations. With the current FAST Act set to expire in September 2020, the analyst sees a chance that Astec's road contractor customer will opt to defer new equipment purchases by mid-2019 without a longer term replacement bill in place. Elliott says he'd be willing to revisit his thesis on the stock with a national infrastructure program and/or a new multi-year highway bill.
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