UPDATE: Stifel Reiterates On Manitowoc Company, Inc. On Lowered Crane Expectations

In a report published Tuesday, Stifel analyst Stanley Elliott reiterated a Buy rating on Manitowoc Company, Inc. (NYSE: MTW), but lowered the price target from $39.00 to $37.00.

In the report, Stifel noted, “Following Terex's guidance reduction, based on softer crane volumes and decelerating conditions in Caterpillar's North American business, we are taking this opportunity to reduce our crane estimates for Manitowoc in the back half of the year. While we do not ascribe to the notion that this will be a ‘craneless' recovery, we do admit that our timing has been pushed out a quarter or so. We continue to see an improvement in many metrics that have historically led crane demand, and believe that Manitowoc is well positioned in terms of product offering and distribution to capitalize on improving demand conditions in 2015 and beyond.”

Manitowoc Company, Inc. closed on Monday at $25.21.