UPDATE: Baird Downgrades Manitowoc (MTW) to Neutral

Baird analyst Mircea Dobre downgraded Manitowoc (NYSE: MTW) from Outperform to Neutral with a price target of $16.00 (from $28.00).

The analyst comments "Downgrading ASTE, MTW, OSK, REVG, TEX to Neutral. In a nutshell, the Russia/Ukraine war impact on input costs and particularly on steel prices observed in recent days, is likely to diminish or even eliminate the positive price/cost and margin setup we previously expected in 2H22/1H23. Additional margin pressure couples with potential for order intake moderation relative to very difficult prior year comps and a toughening broader macro environment; putting all elements together, we struggle to see potential for outperformance despite recent pullback/ valuation, we look to reengage as fundamentals stabilize. "

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 $13.73 yesterday.

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