5 Best Heavy Equipment Stocks to Buy as Backlogs Hit Records

2. Astec Industries, Inc. (NASDAQ:ASTE)

Upside Potential: 53.06%

Target Price: $72

On May 7, Astec Industries, Inc. (NASDAQ:ASTE) reported first-quarter revenue of $396.3 million, exceeding consensus estimates of $393.24 million. Chief Executive Officer Jaco van der Merwe stated that a 70.6% increase in Materials Solutions net sales was driven by both organic and inorganic growth contributions, while Infrastructure Solutions revenue remained relatively stable due to acquisition-related gains offsetting timing and product mix pressures within the company’s legacy operations. Management also expressed optimism regarding the remainder of 2026, citing favorable order activity and strong end-market demand conditions. As a result, the company maintained its full-year adjusted EBITDA guidance range of $170 million to $190 million.

Earlier, on April 1, Freedom Broker initiated coverage of Astec Industries, Inc. (NASDAQ:ASTE) with a Buy rating and a $66 price target. The firm noted that Astec’s equipment portfolio, which supports asphalt production, aggregates processing, and highway construction activities, positions the company to benefit from multiyear infrastructure investment programs supported by federal and state government funding initiatives. Analysts continue to view infrastructure modernization and construction activity as significant long-term catalysts for demand across Astec’s core operating markets.

Founded in 1972 and headquartered in Chattanooga, Astec Industries, Inc. (NASDAQ:ASTE) is a global heavy equipment manufacturer specializing in infrastructure development and materials processing solutions. The company produces equipment used in road construction, aggregate processing, asphalt production, and industrial infrastructure applications worldwide.