JPM downgrades Columbus McKinnon to 'neutral'

Columbus McKinnon

26/05/2022 11:15

** J.P. Morgan downgrades material handling products company
 CMCO.O  to "neutral" from "overweight"
    ** Says margins are being impacted by inflation and supply
chain pressures and co will take time to fully recover
    ** Adds that stock performance is relatively weak
    ** "While there is limited change to sales estimates, and
demand was described as strong across all end markets, the risk
is that this becomes the next issue" - JPM
    ** Co said it saw strong demand for its intelligent motion
solutions through the quarter  urn:newsml:reuters.com:*:nL3N2XH2WQ
    ** Brokerage also cuts PT to $37 from $64
    ** Seven of eight brokerages rate the stock "buy" or higher
and one "hold"; their median PT is $63 - Refinitiv data
    ** Shares down ~32% this year, as of last close

 (Reporting by Subhadeep Chakravarty in Bengaluru)
 ((subhadeep.chakravarty@thomsonreuters.com))