Deutsche Bank Starts Manitowoc (MTW) at Hold

Deutsche Bank initiated coverage on Manitowoc (NYSE: MTW) with a Hold rating and a price target of $5.25.

Analyst Nicole DeBlase said, "US construction spend is within 1% of prior peak levels on a nominal basis, but MTW’s revenue is just 7% above the 2009 trough. This can probably be attributed to a very large fleet of young cranes that do not need to be replaced (25 year useful life), combined with the high price point of a new crane ($1m+). US crane rental metrics remain depressed, we are likely within 2 years of the US construction spending peak, and we see few bright spots internationally (Recent strength in EU tower cranes could subside post-Brexit). Therefore, we expect crane demand to remain muted over the next three years."

For an analyst ratings summary and ratings history on Manitowoc click here. For more ratings news on Manitowoc click here.

Shares of Manitowoc closed at $4.87 yesterday.

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