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Fly News Breaks for June 6, 2018
MTW
Jun 6, 2018 | 07:07 EDT
SunTrust analyst Charles Brady upgraded Manitowoc to Buy from Hold and increased his price target to $33 from $36 after attending the company's Crane Day at the Shady Grove plant. In a research note to investors, Brady said he came away from Crane Day "incrementally more positive" on Manitowoc's outlook and said he was "impressed" with the company's increased pace of product development, greater platform parts commonality and breadth of new product introductions. Brady believes Manitowoc is at or near an inflection point for meaningful earnings accretion, and raised his 2018 and 2019 EPS estimates to 47c and $1.44 from 32c and $1.22, respectively, and established a 2020 EPS estimate of $2.11.
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