In Wednesday trading, Manitowoc shares rose $4.31, or 9.9 percent, to $47.86, after peaking at $48 earlier in the day. Over the past 52 weeks, shares have traded between $25.67 and $49.40.

Besides releasing strong profit estimates, Manitowoc also said late Tuesday that sales at its crane division should grow by more than 20 percent next year, while sales at its food-service unit are expected to rise by less than 10 percent.

Revenue from the marine segment should be flat with 2007, the company said.

Joel G. Tiss of Lehman Brothers backed his "Overweight" rating and $48 price target for Manitowoc shares.

Tiss said he expects Manitowoc's performance in 2008 to beat the company's profit prediction of $3.20 to $3.40 per share and meet his prediction of $3.50 per share on better than expected growth in the crane business.

Analysts, on average, expect a 2008 profit of $3.10 per share, according to a Thomson Financial poll.

"We continue to believe that our expectations will be met given the continued strength of the crane business and fully anticipate that management's 2008 guidance will need to be raised slightly throughout the year making our $3.50 estimate a probable end result for the year," Tiss wrote in a note to investors.