Goldman Sachs Maintains a 'Buy' on Manitowoc (MTW); Raising Forecasts

Goldman Sachs maintains a 'Buy' on Manitowoc (NYSE: MTW) price target of $17.00 (from $15.00).

Analyst, Jerry Revich, said, "We raise our 2013-14 EPS by an average of 14%, driven by an improved outlook for US crawler crane sales (see our August 8 note), the resultant impact on mix and absorption, and meaningfully improved crane industry pricing discipline...MTW is trading in-line with OshKosh (NYSE: OSK) on 2013 EV/EBITDA despite (1) a US crane business in the early stages of recovery vs. OSK’s Access Equipment business nearing peak sales, and (2) a Food Service business that consistently generates 17-20% EBITDA margins and has room for further cost cuts vs. OSK’s Defense business that faces budget pressures."

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 $14.07 yesterday.

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