UBS Cuts Price Target on Manitowoc (MTW) to $4.50 Following 2Q

August 12, 2016 9:27 AM EDT
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Price: $6.15 --0%

Rating Summary:
    7 Buy, 11 Hold, 3 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 15 | Down: 17 | New: 10
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UBS reiterated a Neutral rating on Manitowoc (NYSE: MTW), and cut the price target to $4.50 (from $6.00), following the company's 2Q. UBS reduced 2016/2017/2018 EPS estimates to -$0.06/$0.11/$0.24, from $0.13/$0.21/$0.33.

Analyst Steven Fisher commented, "We are reducing our estimates on MTW to reflect a weaker than previously expected 2H16, as oil & gas remains challenging for mobile crane demand in the Americas and the Middle East. We now assume an 11-12% decline in revenues in 2016 (was -1%) and we assume a 1% decline in 2017 (was 2-3% growth). We assume a 1.8% margin in 2016, and a 3.4% margin in 2017 (margin improvement driven by cost reductions)."

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 $4.75 yesterday.

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