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UPDATE: JP Morgan Downgrades Terex to Neutral on Valuation

Related TEX
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Benzinga's Top Upgrades

JP Morgan reduced its rating on Terex (NYSE: TEX) from Overweight to Neutral and reduced its price target from $27 to $26.

JP Morgan commented, "The stock is currently trading at 12.3x 2012E P/E, above the peer- group average of 9.8x. The shares have significantly outperformed YTD (up 75.6% vs. the S&P Machinery Sector up 9.3% and the S&P 500 up 17.8%) and we view the opportunity for additional upside as limited in the near-term. Used rental equipment prices have recently moderated (though they remain at relatively elevated levels), suggesting that an important end market for Terex' products may be slowing. While the outlook for NA construction remains positive, this is tempered by uncertainty in lack of visibility in Europe."

Terex closed at $23.72 on Monday.

Latest Ratings for TEX

DateFirmActionFromTo
Sep 2014Stifel NicolausUpgradesHoldBuy
Sep 2014CitigroupMaintainsNeutral
Sep 2014MacquarieMaintainsOutperform

View More Analyst Ratings for TEX
View the Latest Analyst Ratings

Posted-In: JP MorganAnalyst Color Downgrades Intraday Update Analyst Ratings

 

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