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MTW

Manitowoc

$26.99

-0.52 (-1.89%)

, CAT

Caterpillar

$138.06

-2.68 (-1.90%)

20:00
07/16/18
07/16
20:00
07/16/18
20:00

Manitowoc downgraded to Sell at Goldman Sach on weaker fundamentals

As reported earlier, Goldman Sachs analyst Jerry Revich downgraded Manitowoc (MTW) to Sell from Neutral and lowered his price target to $22 from $30 as part of his broader note on the machinery cycle. The analyst also downgraded Generac (GNRC) to Sell from Neutral with an unchanged price target of $45 and removed Caterpillar (CAT) and Deere (DE) from Conviction Buy lists. The analyst says the update on the latter two reflects more "mixed macro points", including "weaker crop prices, risk of further input cost inflation, slowing bearing orders, and a risk of further trade war escalation". Revich notes that the risk-reward on Caterpillar and Deere remains attractive, but he is more wary of rising cyclical risks. The analyst's downgrade of Manitowoc is attributed to expectations of a peak in crane organic growth in the current quarter, followed by tougher comps in Europe and the decline in U.S. rig count along with an overall "structural decline in crane content in US drilling sites and rising competitive intensity". Revich says his downgrade of Generac is driven by expectations of slower organic sales growth amid "a normalization in portable generator demand against storm period comps, a declining US rig count, tough comps on shipments into the US rental industry, and flat private non-residential construction outlook."

MTW

Manitowoc

$26.99

-0.52 (-1.89%)

CAT

Caterpillar

$138.06

-2.68 (-1.90%)

DE

Deere

$136.19

-1.41 (-1.02%)

GNRC

Generac

$52.40

-0.585 (-1.10%)

  • 30

    Jul

  • 08

    Aug

MTW Manitowoc
$26.99

-0.52 (-1.89%)

07/16/18
GSCO
07/16/18
DOWNGRADE
GSCO
Sell
Manitowoc downgraded to Sell from Neutral at Goldman Sachs
06/21/18
JPMS
06/21/18
UPGRADE
Target $25
JPMS
Neutral
Manitowoc upgraded to Neutral from Underweight at JPMorgan
JPMorgan analyst Ann Duignan upgraded Manitowoc to Neutral and raised her price target for the shares to $25 from $24. The analyst sees a more balanced risk/reward following the year-to-date underperformance of the shares.
06/06/18
RHCO
06/06/18
UPGRADE
Target $33
RHCO
Buy
Manitowoc upgraded to Buy from Hold at SunTrust
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.
06/06/18
RHCO
06/06/18
UPGRADE
RHCO
Buy
Manitowoc upgraded to Buy from Hold at SunTrust
CAT Caterpillar
$138.06

-2.68 (-1.90%)

05/03/18
BOFA
05/03/18
DOWNGRADE
Target $156
BOFA
Neutral
Caterpillar downgraded to Neutral on peak earnings, valuation at BofA/Merrill
As previously reported, BofA/Merrill downgraded Caterpillar to Neutral from Buy. Analyst Ross Gilardi believes leading indicators are looking "toppy," while Caterpillar's retail sales growth is slowing and Class 8 truck orders are at a high. The analyst notes Machinery stocks are highly correlated to ISM, which has dipped each of the last 3 months following a potential peak in February at the 60.8 reading, and expects multiple to continue to de-rate. Gilardi expects Caterpillar's earnings to top out in 2021 at approximately $15/share, implying a price target of $156, reduced from $172.
05/03/18
05/03/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Estee Lauder (EL) downgraded to Hold from Buy at Jefferies with analyst Stephanie Wissink saying she sees signs of growth rate moderation and rising customer level costs following third quarter results. 2. Malibu Boats (MBUU) downgraded to Market Perform from Outperform at Wells Fargo analyst Timothy Conder citing valuation. 3. Cummins (CMI) and Caterpillar (CAT) were downgraded to Neutral from Buy at BofA/Merrill. 4. Esperion (ESPR) downgraded to Underweight from Neutral at JPMorgan with analyst Jessica Fye saying it will be difficult for the stock to "dig out from" the recent pullback following the Phase III long-term safety study of bempedoic acid, which included a "curious death imbalance." 5. Habit Restaurants (HABT) downgraded to Equal Weight from Overweight at Stephens with analyst Will Slabaugh saying he sees limited visibility following the company's Q1 results. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
06/14/18
UBSW
06/14/18
NO CHANGE
Target $185
UBSW
Buy
Caterpillar price target raised to $185 from $178 at UBS
UBS analyst Steven Fisher raised his price target on Caterpillar to $185 from $178 to reflect the increased capital expenditures by the global mining sector. The analyst expects the mining majors to inflect in 2018 after five years of declines. He believes Caterpillar's mining business is still in the early recovery phase along with parts of its Energy & Transportation and Construction businesses. Fisher reiterated his Buy rating on Caterpillar shares.
07/16/18
GSCO
07/16/18
DOWNGRADE
GSCO
Buy
Caterpillar downgraded to Buy from Conviction Buy at Goldman Sachs
DE Deere
$136.19

-1.41 (-1.02%)

06/27/18
UBSW
06/27/18
NO CHANGE
Target $185
UBSW
Buy
Deere Ag business may see accelerated recovery, says UBS
UBS analyst Steven Fisher noted the recent grain price pullback has dampened sentiment in part of the corn-belt, but he also said it was coming off the strongest sentiment and sales activity in years. His research suggests farmers are replacing combines and planters due to changes in technology and replacing tractors at the end of their 5-year warranty. He believes this could lead to an accelerated recovery for Deere's Ag business in North America, which could lead to further share gains and the potential for dividend increases and buybacks. Fisher reiterated his Buy rating and $185 price target on Deere shares.
06/05/18
MSCO
06/05/18
NO CHANGE
Target $185
MSCO
Overweight
Deere the most efficient way to get exposure to ag recovery, says Morgan Stanley
Morgan Stanley analyst Courtney Yakavonis argues that Deere shares represent the most efficient way across the options available to public equity investors to get exposure to a recovery in the agricultural cycle. Even without upside to current grain prices, the replacement cycle supports demand through 2020, adds Yakavonis, who reiterates an Overweight rating and $185 price target on Deere shares.
05/24/18
05/24/18
UPGRADE

On The Fly: Top five analyst upgrades
Catch up on today's top five analyst upgrades with this list compiled by The Fly: 1. Deere (DE) upgraded to Buy from Neutral at UBS with analyst Steven Fisher saying the slow recovery in Deere's large agriculture business could accelerate in fiscal 2019 with higher grain prices, which have a favorable set-up entering the growing season. 2. Rowan Companies (RDC) upgraded to Outperform from Market Perform at Wells Fargo with analyst Judson Bailey citing stronger offshore activity and dayrates. The analyst also raised his price target on the shares to $20 from $12. 3. SQM (SQM) upgraded to Market Perform from Underperform at Itau BBA. 4. TAL Education (TAL) upgraded to Buy from Outperform at CLSA. 5. Northern Oil and Gas (NOG) upgraded to Buy from Hold at SunTrust analyst Neal Dingmann saying that after some "painful reorganization," he sees FY18 leverage being reduced to 2.7-times enterprise value to EBITDA vs. 7.0-times in FY17. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/16/18
GSCO
07/16/18
DOWNGRADE
GSCO
Buy
Deere downgraded to Buy from Conviction Buy at Goldman Sachs
GNRC Generac
$52.40

-0.585 (-1.10%)

05/24/18
BARD
05/24/18
DOWNGRADE
BARD
Neutral
Generac downgraded to Neutral from Outperform at Baird
05/24/18
05/24/18
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. AbbVie (ABBV) downgraded to Buy from Conviction Buy at Goldman Sachs with analyst Jami Rubin citing share outperformance. 2. Petrobras (PBR) downgraded to Equal Weight from Overweight at Morgan Stanley, to Neutral from Outperform at Credit Suisse, to Neutral from Buy at BofA/Merrill, and to Market Perform from Outperform at Itau BBA. 3. Karyopharm (KPTI) downgraded to Neutral from Outperform at Wedbush with analyst David Nierengarten citing valuation. 4. Vermillion (VRML) downgraded to Hold from Buy at Canaccord. 5. Generac (GNRC) downgraded to Neutral from Outperform at Baird. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.
07/16/18
GSCO
07/16/18
DOWNGRADE
GSCO
Sell
Generac downgraded to Sell from Neutral at Goldman Sachs
03/28/18
RHCO
03/28/18
NO CHANGE
Target $55
RHCO
Buy
Generac price target raised to $55 at SunTrust on storm driven generator demand
SunTrust analyst Charles Brady raised his price target on Generac to $55 from $52 and kept his Buy rating, saying that four consecutive winter storms in March have produced a "significantly higher demand for portable generators", while the severity of the storms will likely lead to higher residential standby generator sales for the next 2-3 quarters. Brady adds that millions of people were left without power for several days in March, and that his checks at big box retailers suggest that portable generators sold out with each storm and required numerous replenishment shipments.

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