UBS Adjusts Price Target and Estimates on Manitowoc (MTW) Post Q4 Results

UBS maintains a 'Neutral' on Manitowoc (NYSE: MTW) price target raised from $12 to $16.

UBS analyst says, "While Crane sales rose 40% YoY (UBSe +25%), op. margins of 5.7% (down 50bps YoY) were below the 6.0% we had modeled as margins were negatively impacted by higher commodity costs, production inefficiencies and mix, which more than offset increased sales volume...Reflecting a slower ramp in Crane margins, we are lowering our 2012E and 2013E EPS to $0.75 and $1.55, from $0.80 and $1.70, respectively. While we recognize there could be potential upside to our crane margin forecasts over the next few years, mix is a likely headwind and pricing may take longer to improve than previously modeled."

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 $15.06 yesterday.

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