Hudson Securities Reiterates Buy Rating on Manitex International (MNTX)

Hudson Securities is out with a research report this morning, where it reiterates its Buy rating on Manitex International MNTX; it has a $9.00 price target on the stock, up from $6.00.

The HS analysts cited the company's recent earnings results, which were better than their expectations; revenues increased 98% year over year.

By product category, revenue increased 28% in cranes, 46% in material handling equipment, and 100% in equipment distribution. CVS contributed $6 million in sales in the quarter. Backlog grew 21% sequentially to $39.9 million, which includes $6 million in backlog related to CVS.

As for valuation, the analysts remarked, “We are raising our 2011 EPS estimate to $0.41 from $0.36 and our 2012 EPS estimate to $0.60 from $0.50. We are raising our price target to $9 from $6 based on 14.5x our 2012 EPS of $0.60.”