Sterne Agee Lowers PT on Manitowoc to $18

Sterne Agee is out with its report today on Manitowoc MTW, lowering its PT to $18 from $23. In its report, Sterne Agee writes, "Lowering Price Target to $18 from $23, based on FY2012 EPS of $1.20 ($1.35 previously) and a 15X P/E multiple (17X previously). Excluding outliers, MTW has traded between 10X and 20X forward earnings over the last 10 years. Our lower forward P/E multiple reflects the uneven economic recovery that may lead to significant volatility in quarterly order intake." Sterne Agee reiterates Buy on MTW. At the time of posting, shares of MTW were trading at $6.46, up 2.22% from Thursday's close.