UPDATE: BMO Capital Markets Reiterates Outperform Rating, Raises PT on Terex Corporation Following 2Q EPS Report

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

, and raised the price target from $36.00 to $40.00. In the report, BMO Capital Markets noted, “Terex reported adjusted 2Q EPS of $0.65, ahead of the recently updated guidance range and Street at $0.55. AWP (Aerial Work Platforms) sales grew 17.4% YoY while margins in the segment expanded 160 bp to 16.7%. Backlog was $2.2 billion, essentially flat sequentially but a ~5% increase from 2Q12 boosted by a 35% YoY and 27% QoQ jump in MHPS (Material Handling & Port Solutions) orders. Despite a better 2Q, 2013 guidance was maintained with an EPS range of $1.90-$2.10 on sales of $7.5-$7.7 billion.” Terex Corporation closed on Thursday at $28.33.