Is This Small Cap Still A Titan? (TITN)

I wrote an article profiling Titan Machinery TITN at the beginning of August, and I was way too conservative with my estimates. Let's revisit the company, and ask if it is still a buy, even at these lofty levels? Titan has gotten significantly more expensive then just a few months ago, as shares have gained more than 50% in the time frame. Titan's business model continues to remain the same, and the company's shares are performing well. Investors will find out if the underlying business matches the share price performance, when it reports December 6. Given the fact that shares have exploded in the past few months, it's worth a revisit to look at the company's financials'. Back in August I wrote: "you can see the company has a Price/Earnings Growth (PEG) of 0.74, compared to the industry average of 1.23, meaning it is undervalued compared to its peers. It has strong revenue growth, growing revenues over 23% year/year, far higher than its peers. The return on equity is just over 8.4%, far lower than its larger competitor Tractor Supply TSCO." Since then, the company's PEG has increased to 1.08, higher than the 0.74, but not horribly overvalued. Revenue growth appears to be slipping, as does return on equity. It's also trading at almost 19 times 2011 earnings forecast, sharply higher than the 12.4 times earnings just a few months ago. I'm not saying to sell off the entire position in TITN, but shares are no longer as undervalued as they were just a few months ago, and it's never wrong to take a profit. Disclosure: no position in companies mentioned.