NEW YORK (TheStreet) -- Shares of Manitowoc (MTW - Get Report) finished the day in the green, having traded higher by 5.66% to $5.23 on Wednesday following a rating change to "buy" from "hold" at Stifel.
The firm has a $6 price target on the global manufacturer of cranes and lift solutions' stock.
The rating change comes after the firm met with company CEO Barry L. Pennypacker, TheFly reports.
The firm is expecting Manitowoc's cost cutting and operations improvement to make more apparent to investors the company's strong brand recognition and leading distribution.
Stifel sees the company's $35 million to $45 million cost reduction target as conservative, TheFly added.
Separately, TheStreet Ratings has set a "buy" rating and a score of B- on Manitowoc Co. stock. This is driven by a number of strengths, which TheStreet Ratings believes should have a greater impact than any weaknesses, and should give investors a better performance opportunity than most stocks it covers.
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. TheStreet Ratings feels its strengths outweigh the fact that the company has had generally high debt management risk by most measures that we evaluated.
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