Manitowoc (MTW) PT Up to $7 at Jefferies

Jefferies analyst Stephen Volkmann reiterated a Buy rating and bumped his price target on Manitowoc (NYSE: MTW) to $7.00 (from $5.00) following a solid revenue quarter.

Volkmann commented, "A solid revenue quarter even as Mobile end markets remain weak. The company posted an operating margin (EBITA) of 2.2% for 1Q on a revenue increase of 5% y/y. Management reiterated 2016 guidance for flat revenues y/y and an EBITA margin of 4%. Additional restructuring actions along with the adoption and implementation of LEAN initiatives could result in 150-200bps of annual margin expansion irrespective of sales."

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 $5.90 yesterday.

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