Hudson Securities Reiterates Buy Rating on Manitex International (MNTX)

Hudson Securities is out with a research report this afternoon, where it reiterates its Buy rating on Manitex International

; it has a $5.00 price target on the stock. The Hudson analysts cited the company’s recent earnings report, which was roughly in-line with expectations. Revenues grew by 64.65 year over year; gross margins improved by 270 basis points, operating margins improved by 490 basis points. The analysts noted that organic revenues growth was once again bolstered by deliveries of material handling products. Interesting to note that the company’s backlog increased 14% sequentially as well. The Hudson analysts said that there was quite a lot too like from this report, especially the CVS Ferrari opportunity which “could be quite lucrative but there is still some haziness as to what to expect in revenue and margins from this business. As for valuation, they remarked, “We are maintaining our price target of $5 based on 14.0x our 2011 EPS of $0.36.”