Increased Price Targe for Manitex Int'l

Hudson Securities has raised their price target on Manitex Int'l MNTX according to their 3Q update published today. MNTX reported much stronger numbers in 3Q10 than 3Q09. MNTX's 3Q10 EPS were $0.06 compared to a -$0.01 in 3Q09. Their revenue also increased 65% (+39 excluding acquisitions, CVS Ferrari business) from 3Q09 to 24.9M. According to Hudson Securities, "The company (MNTX) guided 4Q10 to “similar revenue and profits as we had in 3Q10” but that CVS will be more of a contributor in 4Q10, suggesting an improvement from 3Q10 revenue and EPS as was clarified in the conference." Hudson Securities has increased the price target from $5 to $6 based on 12.0x their 2012 EPS of $0.50. MNTX is currently trading at $2.94.