Manitowoc price target raised to $10 from $9 at Wells Fargo

Wells Fargo raised the firm’s price target on Manitowoc (MTW) to $10 from $9 and keeps an Underweight rating on the shares. The firm reiterates its positive outlook for the Machinery, Industrials & Environmental Services space heading into earnings. Wells argues the Machinery supply-driven recovery is broadening to new equipment, non-residential lead indicators are accelerating, and cash conversion is improving.