UPDATE: Stifel Nicolaus Initiates Manitowoc at Buy on Multiple Positive Factors

In a report published Wednesday, Stifel Nicolaus analyst Stanley Elliott initiated coverage on Manitowoc (NYSE: MTW) with a Buy rating and $25.00 price target.

In the report, Stifel Nicolaus noted, “We are initiating coverage of The Manitowoc Company (MTW) with a Buy rating on the shares and a $25 target price. Manitowoc is a multi-industry, capital goods manufacturer with market-leading positions servicing both the crane and foodservices equipment markets. The company's operational footprint extends globally, with 53% of 2012 revenues coming from outside of the United States and 23% of revenues from emerging markets. We believe that the two seemingly disparate businesses, the crane and the foodservice segments, each present an attractive investment thesis in its own right. The crane business appears well positioned to capitalize on an improving crane rental market, which serves global energy and infrastructure projects. The foodservice business is seemingly underappreciated by investors despite the fact that this segment manufacturers market-leading equipment with market-leading technologies, which we believe possess significant international expansion opportunities.”

Manitowoc closed on Tuesday at $19.66.