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In a report published Monday, Credit Suisse analyst Jamie Cook reiterated an Outperform rating on
Manitowoc CompanyMTW, and raised the price target from $34.00 to $39.00.
In the report, Credit Suisse noted, “MTW is one of the largest players in Food Equip ($1.6B revs; 16.3% OM) with one of the broadest product lines across hot and cold. MTW is also more levered to the higher growth restaurants market (~67% of sales). The business is stable and MTW has the oppty to improve margins to high teens/low-20% range on internal initiatives (margins are 150-200 bps below peers ITW and MIDD). Our EE/MI team also recently noted DOV expressed interest in gaining more meaningful presence in food.”
Manitowoc Company closed on Friday at $32.93.
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