Jefferies Raises Price Target on Manitowoc (MTW) Following 4Q Earnings and Update
Jefferies reiterated a Buy rating on Manitowoc (NYSE: MTW), and raised the price target to $18.50 (from $17.00), following the company's 4Q earnings report. MTW reported adjusted EPS of $0.43, which came in better than expected on higher sales and improved margins.
Analyst Stephen Volkmann commented, "Adjusted 4Q15 EPS of $0.43, ex. $0.11 in adjustments, was better than expected on higher sales and improved margins. MTW announced 2016 guidance for each of the two businesses that appears higher than Street expectations, and reiterated their goal to realize the spin-off of the Foodservice business in 1Q. Based on first glance we believe the outlook for both units is positive; questions do remain regarding financing at both entities."
Shares of Manitowoc closed at $15.74 yesterday.