Manitowoc price target lowered to $15 from $17 at Baird

Baird analyst Mircea Dobre lowered the firm’s price target on Manitowoc to $15 from $17 and keeps a Neutral rating on the shares. The company’s Q4 EBITDA and earnings were below consensus while its orders and backlog were down year-over-year and sequentially, the analyst tells investors in a research note. The firm says Europe tower crane softness is pressuring Manitowoc’s margin dynamics.