Manitowoc +5% as RBC upgrades, seeing signs of improved crane market

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

Manitowoc (MTW +5.1%) jumps to a 52-week high after RBC analysts upgrade shares to Outperform from Sector Perform and hikes its stock price target to $12 from $7.50, citing recent data points that make the firm more constructive on the company's crane markets.

RBC foresees firming crane fleet utilization and improving customer project activity driving sales growth in 2018-19 after four years of declines for MTW's business that remains ~60% below peak.

Although a sharp upward inflection could take time, the firm expects markets to stabilize with a bias to getting better, and MTW shares should rise with improving orders.