UPDATE: Bank of America Upgrades Terex Corporation to Neutral on Positive Outlook

Bank of America upgraded Terex Corporation

from Underperform to Neutral and raises the price objective from $22.00 to $34.00. Bank of America said, "Positive read across from aerial work platform (AWP) competitors and rental fleet operators, along with signs of recovery in US non-residential construction suggest that our prior below-consensus forecast for Terex was far too negative. We raise our 2013-14 EPS forecast by 18%/38% and our PO from $22 to $34. Our new DCF-derived PO implies 12.8x 2013e EPS and 9x peak EPS of $3.80 in 2015e." Terex Corporation closed at $32.05 on Friday.