Investors have been waiting for the boom/bust crane cycle to fuel another upswing in Manitowoc's (MTW)
results, but the actual recovery in construction and infrastructure
activity has proven slower and less stable than hoped. Management
remains confident that the outlook for 2014 hasn't changed all that
much, but investors clearly voted with their feet as the weak first
quarter results sent the shares down 10% on Friday. Even after the
decline, Manitowoc isn't all that cheap but it does remain a leveraged
play on that recovery in construction and construction equipment
spending.
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A Slower Recovery Threatens Manitowoc's Ambitious Multiple
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