Deutsche Bank Starts Manitowoc (MTW) at Hold
Get the Pulse of the Market with StreetInsider.com's Pulse Picks. Get your Free Trial here.
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.
Serious News for Serious Traders! Try StreetInsider.com Premium Free!
You May Also Be Interested In
- UPDATE: Cowen Downgrades Under Armour, Inc. (UA) to Market Perform
- Akamai (AKAM) PT Raised to $65 at Stifel
- UPDATE: Oppenheimer Downgrades Williams-Sonoma (WSM) to Perform
Create E-mail Alert Related CategoriesAnalyst Comments, Analyst EPS View, New Coverage
Related EntitiesDeutsche Bank
Sign up for StreetInsider Free!
Receive full access to all new and archived articles, unlimited portfolio tracking, e-mail alerts, custom newswires and RSS feeds - and more!