Manitowoc price target lowered to $14.50 from $18 at UBS

UBS analyst Steven Fisher lowered the firm’s price target on Manitowoc to $14.50 from $18 and keeps a Neutral rating on the shares, reflecting a lower multiple on lower earnings. The firm has lower confidence that U.S. non-residential construction will continue to support crane demand over the next 18 months, and cites factors including shifting timing for large projects, continued deterioration in commercial markets, and higher-for-longer interest rates.