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Fly News Breaks for November 7, 2018
MTW
Nov 7, 2018 | 08:19 EDT
RBC Capital analyst Seth Weber lowered his price target on Manitowoc to $35 to reflect its slower than anticipated revenue ramp and inflation pressure while reducing his implied valuation multiple to 9-times forward EBITDA from 10-times. The analyst also keeps his Outperform rating on the shares after the company's Q3 results showed "good order growth and aftermarket sales gain", stating that its market position is stable and improving with "significant revenue and margin runway relative to prior cycles".
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