Manitowoc Shares Rose 11% After Upgrade (MTW)
Thu. October 29, 2009; Posted: 02:54 PM
Oct 29, 2009 (SmarTrend(R) News Watch via COMTEX) --
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PowerRating -- 10/29/2009 - Manitowoc Co. (NYSE:MTW) shares rose 11% Thursday after an analyst with BMO Capital Markets upgraded the company to "outperform" from "market perform." Analyst Charles D. Brady said in a client note that crane orders have stabilized and he expects fewer cancellations than earlier in the year. Brady added that he believes the company will succeed in integrating Enodis. The company will realize savings from the acquisition, which should lead to greater margins next year and 2011. The company will also meet its goal of paying down at least $450 million in debt this year. Brady raised his 2010 estimate to 38 cents per share from 30 cents, vs. the consensus estimates of 21 cents per share, and his 2011 estimates to 90 cents per share, up from 80 cents, vs. the consensus estimates of 66 cents per share.
Write to Chip Brian at cbrian@tradethetrend.com
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