UBS Cuts Price Target on Manitowoc (MTW) to $4.50 Following 2Q
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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)."
Shares of Manitowoc closed at $4.75 yesterday.
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