Manitowoc price target lowered by $1 at UBS, here’s why

UBS lowered the firm’s price target on Manitowoc to $19 from $20 and keeps a Neutral rating on the shares. The firm is optimistic that the Cranes +50 strategy will improve the business model over time, but sees material earnings uncertainty and pressure in the near term, the analyst tells investors in a research note. UBS expects both revenue and EBITDA will decline y/y in 2024, but sees a rebound starting in 2025 due to a better U.S. infrastructure spending outlook and improved mix of non new machine sales.