Roth Affirms Manitex (MNTX) at 'Buy'; Cost Improvement Initiatives Shine in Q2
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Roth Capital affirms Manitex Int'l (NASDAQ: MNTX) with a Buy rating and $7.50 price target following Q2 results issued Thursday night.
Analyst Matt Koranda offered the following thoughts:
We continue to anticipate choppy revenue performance driven by weak end market demand as a continued energy equipment overhang works its way through construction and other end market consumers of straight mast boom trucks.
That being said, management continues to implement changes that are within its control, executing nicely on cost reductions ($5.2mn achieved YTD, which is nearly already at the full year goal of $5.5mn). We believe this performance is most evident in the adjusted GM line of 18.3%, which despite weaker demand QoQ and a sustained mix shift toward lower-tonnage/lower-margin product, was up 30bps QoQ. We continue to anticipate de-levering ahead as MNTX allocates cash from operations and strategic divestitures to pay down debt. In our view, this should drive stability in the stock, even as MNTX’s key energy end market remains in a cyclical trough.
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