The higher price target comes after the Manitowoc, WI-based multi-industry and capital goods manufacture posted its 2016 first quarter results earlier this month.
The company reported an adjusted loss of 4 cents per diluted share on revenue of $427.4 million. Analysts were expecting a loss of 2 cents per share on revenue of $365.7 million.
"A more focused MTW, some sales growth, but same structural headwinds. Sales increased by 5% year-over-year largely on improved residential and non-residential construction markets in Europe driving tower crane sales," the firm wrote in a note.
The company's 2016 outlook for 4% margin growth is "certainly something" the assets can produce, but would require the second and third quarters to be seasonally stronger than last year, Barclays added.
Shares of Manitowoc are down 0.84% to $5.81 at the start of trading today.
Separately, TheStreet Ratings Team has a "Hold" rating with a score of C on the stock.
The primary factors that have impacted the rating are mixed. The company's strengths can be seen in multiple areas, such as its revenue growth, solid stock price performance and largely solid financial position with reasonable debt levels by most measures.
However, the team also finds weaknesses including feeble growth in the company's earnings per share, deteriorating net income and disappointing return on equity.
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