UPDATE: BMO Capital Markets Reiterates Outperform Rating, Lowers PT on Terex Corporation Following Revised Guidance

In a report published Tuesday, BMO Capital Markets analyst Joel Tiss reiterated an Outperform rating on

, but lowered the price target from $41.00 to $36.00. In the report, BMO Capital Markets noted, “Terex revised guidance for the remainder of 2013 with EPS now expected to be in the range of $1.90-$2.10 versus $2.40-$2.70 previously and compares with Street estimates pre-announcement of $2.55. Management also revealed that EPS for 2Q13 would be in the $0.50-$0.60 range, well below prior consensus of $0.82. Weakness appears to be mainly European related and within the Material Handling & Port Solution and Construction, as well as Cranes, though to a smaller degree.” Terex Corporation closed on Monday at $29.29.