Manitowoc Downgraded To Sell On Lingering Weak Crane Demand
Zacks Investment Research | Jul 12, 2017 08:38AM ET
On Jul 12, The Manitowoc Company, Inc. (NYSE:MTW) was downgraded a notch to a Zacks Rank #4 (Sell). Going by the Zacks model, companies carrying a Zacks Rank #4 have chances of performing weaker than the broader market over the upcoming quarters.
Why the Downgrade?
On May 9, the maker of cranes and restaurant equipment reported an adjusted loss per share of 17 cents per share compared with a loss of 5 cents reported in the year-ago quarter. Manitowoc expects revenues to decline approximately 8–10% year over year in 2017. Adjusted EBITDA is anticipated to lie between $41 million and $59 million.
Since first-quarter results, Manitowoc’s shares gained 2.7%, underperforming the 7.4% growth registered by the Zacks categorized Original post
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