Zacks Investment Research downgraded shares of The Manitowoc Company, Inc (MTW) from NEUTRAL to UNDERPERFORM on November 12, 2014, with a target price of $19.00.
In third-quarter 2014 Manitowoc reported adjusted earnings of $0.36 per share, a 10% decline year over year, primarily due to lower crane demand. For 2014, Manitowoc projects Crane segment revenues to decline by mid-to-high single-digit percentages year over year while Foodservice segment revenues to be up by low-to-mid single-digit percentages from 2013 levels. The Crane segment continues to be affected by weak North American rough-terrain and boom truck markets as well as ongoing weakness in the Latin America region. Moreover, Asia-Pacific continues to be a drag on the Foodservice segment as the U.S. chains have dediced to reduce capital expenditure in the region due to weak demand. Hence, we have downgraded our recommendation on Manitowoc from neutral to underperform with a target price of $19.
Get all Zacks Research Reports and be alerted to fast-breaking buy and sell opportunities every trading day.
To get a free copy of the research report on The Manitowoc Company, Inc (MTW),
click here.
For more information about research offerings from Zacks Investment Research, visit
Zacks.com .
Be the first to comment