Manitowoc price target lowered to $12 from $13 at Baird

Baird lowered the firm’s price target on Manitowoc (MTW) to $12 from $13 and keeps a Neutral rating on the shares after the company reported quarterly results, with earnings per share and adjusted EBITDA coming in below consensus with persistent European tower crane softness a continued headwind. Demand remains soft across regions ex-Middle East where activity was described as strong, though competition from Chinese competitors is ramping, the analyst tells investors in a research note. While there is long-term optimism surrounding rate cuts, election clarity, megaprojects, and Middle East activity, the near-term operating environment remains challenging, the analyst says, adding that the firm remains on the sidelines.