UPDATE: Morgan Stanley Reiterates Overweight Rating, Lowers PT on Terex Corporation on Challenges Ahead

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In a report published Tuesday, Morgan Stanley analyst Nicole DeBlase reiterated an Overweight rating on
Terex CorporationTEX
, but lowered the price target from $51.00 to $44.00. In the report, Morgan Stanley noted, “We still see a Non-Resi Construction recovery as a strong possibility, and prefer to play this theme through TEX, where it can be thought of as a free option; we also see room for the company to help itself through productivity and restructuring initiatives. Although we think the $5.00 EPS target is possible in 2016e, we do not embed this within our Base Case. However, the market is not embedding this outcome either, and so hitting the target is not required for the stock to work; even missing the EPS goal could drive a rerating, in our view. We believe that fears of a ‘crane-less' construction recovery are overblown, given the inability of cranes to easily be moved from region to region and expectations of a pickup in NA replacement demand.” Terex Corporation closed on Monday at $32.47.
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Posted In: Analyst ColorPrice TargetAnalyst RatingsMorgan StanleyNicole Deblase
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