Analyst Upgrades Manitowoc On More Crane Orders

HARTFORD, Conn. (AP) — Shares of Manitowoc Co. jumped Thursday as an analyst upgraded the heavy equipment maker on improved crane orders.

BMO Capital Markets analyst Charles D. Brady upgraded the Manitowoc, Wis., company to "Outperform" from "Market Perform."

He said crane orders have stabilized and he expects fewer cancelations than earlier this year, he said in a client note.

Manitowoc, which makes cranes and foodservice equipment, told Brady recently that demand for cranes has increased in the Middle East. In addition, Africa, India and South America "are doing well," he said.

However, federal stimulus money has had no "meaningful impact" on Manitowoc's crane business, Brady said.

Brady said he also believes the company will succeed in integrating Enodis, a U.K.-based cooking equipment supplier it bought in October 2008 for more than $2 billion. Manitowoc will realize savings from the acquisition, which should lead to greater margins next year and 2011, Brady said.

Brady also said the company will meet its goal of paying down at least $450 million in debt this year.