UPDATE: Goldman Sachs Downgrades Manitowoc On Slower U.S. Crane Capex Recovery

In a report published Thursday, Goldman Sachs analyst Jerry Revich downgraded Manitowoc MTW from a Buy rating to a Neutral rating and lowered the price target from $23.00 to $21.00. In the report, Goldman Sachs says "We downgrade MTW to Neutral from Buy and reduce our 2014-15 EPS by 5% as crane rental industry data points suggest a slower US crane capex recovery despite a clear inflection in non-residential construction activity. While we remain bullish on the Food Service margin expansion and US non-residential construction cycle, softening US crane utilization and day rate momentum for several crane classes present a clear risk to the timing and magnitude of the next leg of the US crane capex cycle that had been central to our Buy rating. Since adding MTW to the Buy list on May 22, 2012, MTW is +93% vs. +60% for our coverage and +36% for the S&P 500." Manitowoc closed on Thursday at $20.81.