UPDATE: Stifel Upgrades Terex Corporation As Pullback Leads To Buying Opportunity

In a report published Tuesday, Stifel analyst Stanley Elliott upgraded the rating on Terex Corporation TEX from Hold to Buy, and named a $40.00 price target. In the report, Stifel noted, “Following the lowered full year expectations and subsequent pullback in the shares, we are upgrading Terex from Hold to Buy and establishing a $40 target price. Our feeling is that expectations have been sufficiently reset, which should allow for this later cycle name to outperform as end markets continue to firm into 2015 and beyond. While demand conditions remain mixed, we believe the market has already discounted end market uncertainty. Shares of Terex declined over 27% since this past April compared to a 5% gain in the S&P. We view the risk/reward scenario favorably at these levels and are upgrading shares to Buy.” Terex Corporation closed on Monday at $32.47.