Zacks Investment Research upgraded shares of The Manitowoc Company, Inc. (MTW) from NEUTRAL to OUTPERFORM on March 07, 2014, with a target price of $37.00.
We are upgrading our recommendation on Manitowoc from Neutral to Outperform, with a target price of $37.00 based on its positive estimate revisions following strong fourth-quarter results. Manitowoc's adjusted earnings rose 74% year over year to $0.47 per share, The bottom line beat the Zacks Consensus Estimate of $0.33. For 2014, Manitowoc expects modest top-line growth for the Crane segment while Foodservice revenues are expected to rise in mid single digits. Though the uncertainty in the nonresidential construction and growing competition remain headwinds, Manitowoc will benefit from the execution of new credit agreement, introduction of new products and cost control initiatives.
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