Manitowoc -5.2% as Jefferies downgrades on valuation

|About: Manitowoc Company, Inc. (MTW)|By:, SA News Editor

Manitowoc (MTW) has been among the top-performing U.S. machinery stocks this year, but today it was one of the worst, -5.2% after a Jefferies downgrade due to valuation.

The firm says its channel checks and conversations with industry participants continue support its belief that cranes - lattice-boom cranes, tower cranes, mobile telescopic cranes, boom trucks - will be a 2015 story.

MTW shares trade at an EV/sales multiple of 137% and an EV/EBITDA multiple of 11.1x on 2014 estimates, significant premiums to the closest competitor (Terex: 80% EV/sales, 8.0x EV/EBITDA).

YTD: MTW +32.3%, CAT +6.6%, TEX +2.3%, JOY -2.9%, DE -3.1%.