Here's Why Manitowoc Company Soared 40% in August

Here's Why Manitowoc Company Soared 40% in August

Shares of Manitowoc Company (NYSE: MTW), a leading global manufacturer of cranes and lifting solutions, rose 40% in August, according to S&P Market Intelligence. The company reported second-quarter earnings -- excluding one-time charges -- of $0.05 per share, beating analysts' estimate of a $0.03 loss per share. But exceeding analysts' expectations was only one cause for the stock's rise. 

Besides the warming thermometer, Wall Street's enthusiasm for Manitowoc also heated up in August. The stock, for example, received an upgrade from Baird early in the month. Then, after Manitowoc released second-quarter earnings, an analyst from Stifel raised his price target form $7 to $9. But wait -- there's more. The stock also received an upgrade from a J.P. Morgan analyst, who raised her price target, albeit less bullishly, from $6 to $7.

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Source: Fool.com