UPDATE: J.P. Morgan Lowering Price Target On Terex Corp

J.P. Morgan Chase & Co. is out with a research report on Terex Corp

and it has a Neutral rating and is lowering its price target to $26 from $34. In a note to clients, J.P. Morgan Chase & Co. writes, "We met with Ron Defoe, CEO of TEX, and Tim Ford, President of AWPs, at TEX headquarters in CT. Management noted that because its businesses are late cycle in nature, it has not seen any slowdown in demand; in fact, it is in the midst of discussions with rental companies for 2012 capital spending plans and spending plans remain robust. Should the global economy weaken, the areas with the most risk are commodity related product groups - MP, Construction and to lesser extent Cranes. Separately, management believes that the acquisition of Demag will be accretive even without any synergy benefits and will meet its return hurdle for 12%-14% ROIC in the second year." Shares of TEX gained 24 cents on Friday to close at $16.89.