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Baird Downgrades Columbus McKinnon

Baird downgrades crane and hoist manufacturer Columbus McKinnon (CMCO) to neutral from outperform.

Yesterday the company posted 56 cents fourth-quarter GAAP earnings per share. Analyst Peter Lisnic says he continues to believe Columbus McKinnon will benefit in the coming year from relatively robust sales growth and further deleveraging of its balance sheet.

However, he also believes investor concerns about slowing U.S. manufacturing growth and the company's lackluster incremental margins to date limit upside potential from current price.

As a result of yesterday's fourth-quarter financial results, Lisnic raises his 95 cents fiscal 2006 (ending March) earnings per share estimate to $1.30. He says he would become more positive on Columbus McKinnon shares below $9.

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