Deutsche Bank Starts Manitowoc (MTW) at Hold
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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."
Shares of Manitowoc closed at $4.87 yesterday.
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