Manitowoc price target lowered to $17 from $20 at Citi

Citi lowered the firm’s price target on Manitowoc to $17 from $20 and keeps a Neutral rating on the shares. Despite a higher expected backlog ending 2023, the price target is lowered, in line with compression in peer multiple valuations and less visibility on global crane markets beyond 2023, given Citi’s forecast for slower global growth, the analyst tells investors in a research note. The firm sees a fairly balanced upside/downside case at current share levels.