The new price target comes after the multi-industry and capital goods manufacturer posted strong revenue for the 2016 first quarter earlier this week.
The Manitowoc, WI-based company reported revenue of $427.4 million, topping analysts' estimates of $365.7 million.
The company had an adjusted loss of 4 cents per diluted share for the quarter, wider than the loss of 2 cents per share that analysts had projected.
"A solid revenue quarter even as Mobile end markets remain weak. The company posted an operating margin (EBITA) of 2.2% for 1Q on a revenue increase of 5% year-over-year," Jefferies wrote in a note.
"Management reiterated 2016 guidance for flat revenues year-over-year and an EBITA margin of 4%. Additional restructuring actions along with the adoption and implementation of LEAN initiatives could result in 150-200bps of annual margin expansion irrespective of sales," the firm added.
Shares of Manitowoc are retreating by 0.51% to $5.86 in pre-market trading on Friday.
Separately, TheStreet Ratings Team has a "Buy" rating with a score of B- on the stock.
The company's strengths can be seen in multiple areas, such as its solid stock price performance, increase in net income and attractive valuation levels.
The team feels its strengths outweigh the fact that the company has had generally high debt management risk by most measures that were evaluated.
Recently, TheStreet Ratings objectively rated this stock according to its "risk-adjusted" total return prospect over a 12-month investment horizon. Not based on the news in any given day, the rating may differ from Jim Cramer's view or that of this articles's author.
You can view the full analysis from the report here: MTW