Forklift manufacturer Manitou posted a fourth consecutive session of gains on the Paris Bourse on Thursday, as Portzamparc analysts added the stock to their list of preferred small and mid-cap stocks ('High Five') this week.

In a note published yesterday, Portzamparc - which has a "strengthen" recommendation and a target price of 29 euros - said it still considered the Group's outlook to be cautious.

The research firm points out that all production in North America (which represents 21% of sales) is tending to run out, and notes that business in Southern Europe (34% of sales, including France) is holding up better than expected.

He also points out that the stock is currently trading on the basis of an Enterprise Value/Ebitda ratio of 5.5x, compared with a five-year average of 9.4x.

He also points out that the PER is 9.2x, compared with a historical average of 12.2x.

His price target shows a potential upside of 22%.

Around 3:00 pm, Manitou advanced by 0.6%, bringing its total gains since the start of the week to over 17%.

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