UPDATE: Global Hunter Securities Starts Manitex International (MNTX) at Buy

(Updated - April 8, 2014 9:10 AM EDT)

Global Hunter Securities initiated coverage on Manitex International (NASDAQ: MNTX) with a Buy rating and a price target of $20.00.

Analyst Walt Liptak said, "We recommend MNTX on both a short-term and long-term basis due to the quality of the company's management, recent acquisitions and the energy and non-residential construction sectors' recoveries, which we believe are taking place in some of MNTX's end markets. While recent CONEXPO expenses could be a near-term earnings drag, we believe that expected backlog growth and production increases should serve as drivers to propel the stock forward. Future acquisitions and a building backlog for boom trucks going into the energy sector should be a 2015-2016 earnings driver. We are initiating coverage of MNTX with a Buy rating and a $20 price target, which is based on 10.8x our 2014E EV/EBITDA estimates."

For an analyst ratings summary and ratings history on Manitex International click here. For more ratings news on Manitex International click here.

Shares of Manitex International closed at $16.09 yesterday.

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