Manitowoc downgraded to Sell from Neutral at Goldman Sachs

Goldman Sachs analyst Jerry Revich downgraded Manitowoc to Sell from Neutral with a price target of $15, up from $13, suggesting 11% downside. New and used equipment inventories are rising for a range of construction equipment product lines amid improved supply chain performance and a stabilization in end demand, the analyst tells investors in a research note. In addition, Manitowoc’s leverage at 2.2 times limits capital allocation options, says the firm. It sees a challenging risk/reward at current share levels.