Barclays Maintains an 'Overweight' on Manitowoc (MTW); Lowers 4Q Guidance
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Price: $20.68 -0.91%
Rating Summary:
3 Buy, 12 Hold, 5 Sell
Rating Trend:
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Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
Rating Summary:
3 Buy, 12 Hold, 5 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 13 | Down: 14 | New: 11
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Barclays maintains an 'Overweight' on Manitowoc (NYSE: MTW) price target of $16.00.
Barclays analyst said, "Regarding the two issues cited, the supplier issue comes as somewhat of a surprise, while the IAM strike had previously been reported in the press. At this point, the issue around hydraulic components appears to be largely a timing issue which, while unfortunate, should be resolved over time. With the IAM strike having received press coverage in recent weeks, we think some strike related-impact in 4Q11 is not completely surprising. At least a portion of the headwind in the quarter appears to be related to contingency plans the company is implementing, which we believe should enable the Manitowoc, WI facility (which produces crawler cranes) to continue production even in the event of an extended work stoppage by the IAM."
"We are adjusting our model to reflect the lowered guidance. Our new 4Q11 EPS estimate is $0.08, from prior $0.14. Our 2012 EPS estimate of $1.05 remains unchanged." (Barclays lowers FY11 EPS estimate from $0.37 to $0.31)
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 $10.76 yesterday.
Barclays analyst said, "Regarding the two issues cited, the supplier issue comes as somewhat of a surprise, while the IAM strike had previously been reported in the press. At this point, the issue around hydraulic components appears to be largely a timing issue which, while unfortunate, should be resolved over time. With the IAM strike having received press coverage in recent weeks, we think some strike related-impact in 4Q11 is not completely surprising. At least a portion of the headwind in the quarter appears to be related to contingency plans the company is implementing, which we believe should enable the Manitowoc, WI facility (which produces crawler cranes) to continue production even in the event of an extended work stoppage by the IAM."
"We are adjusting our model to reflect the lowered guidance. Our new 4Q11 EPS estimate is $0.08, from prior $0.14. Our 2012 EPS estimate of $1.05 remains unchanged." (Barclays lowers FY11 EPS estimate from $0.37 to $0.31)
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 $10.76 yesterday.
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