UPDATE: BMO Capital Markets Reiterates Outperform Rating, Raises PT on Manitowoc Company
In a report published Monday, BMO Capital Markets reiterated its Outperform rating on Manitowoc Company (NYSE: MTW), and raised its price target from $18.00 to $23.00.
BMO Capital Markets noted, “Manitowoc reported 4Q12 GAAP EPS of $0.26, including discontinued operations ($0.01), early extinguishment of debt ($0.03), restructuring expense ($0.06), and a tax accrual ($0.09). Adjusting for these extraordinary items, Manitowoc's EPS is $0.27. The earnings beat was driven by better-than-expected Crane revenue and better-than-expected margins in both Crane and Foodservice. Management introduced 2013 Crane guidance of high-single-digit revenue growth, with high-single-digit operating margins and 2013 Foodservice guidance of mid-single-digit revenue growth with mid-teens operating margins. We believe that in 2013 we should see a solid uptick in orders, particularly in 2H13. As that happens, we believe Crane guidance is likely to move higher.”
Manitowoc Company closed on Friday at $18.48.
Latest Ratings for MTW
|Dec 2016||JP Morgan||Downgrades||Neutral||Underweight|
|Oct 2016||Deutsche Bank||Maintains||Hold|
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