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

Baird analyst Mircea Dobre raised the firm’s price target on Manitowoc to $17 from $15 but keeps a Neutral rating on the shares after its Q4 results. The quarter topped expectations as improvement in parts and shipping availability bolstered revenue while aiding EBITDA margin, and its initial 2023 guidance was also above expectations, the analyst tells investors in a research note. The firm warns however that while crane demand should eventually build momentum, 2023 likely remains muted for Manitowoc with tower demand erosion in Europe potentially pressuring the second half of the year.