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UPDATE: Stifel Downgrades Terex on Valuation

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In a report published Thursday, Stifel analyst Stanley Elliott downgraded the rating on Terex (NYSE: TEX) from Buy to Hold, and removed the $40.00 price target.

In the report, Stifel noted, “Terex reported 4Q results that were well ahead of prior expectations; however, the weak 2014 guide somewhat overshadows the earnings beat. We feel like some conservatism has been built into these numbers, especially if one assumes the recovery can continue at even a modest pace. The company has made progress improving the profitability across several of its segments, despite end market weakness. We remain encouraged by this improvement and anticipate further progress in 2014.

"Shares of the company currently trade at 8.2x our 2014 EBITDA estimate, which we find reasonable. That being said, we have a hard time justifying an incremental 20% upside from our prior $40 target price to substantiate our Buy rating. We are moving our rating to Hold, based on valuation; however, we see fair value for the shares approaching $46 based off our 2014 EBITDA estimate.”

Terex closed on Wednesday at $42.15.

Latest Ratings for TEX

DateFirmActionFromTo
Dec 2020BarclaysUpgradesUnderweightEqual-Weight
Dec 2020Morgan StanleyMaintainsEqual-Weight
Dec 2020StifelUpgradesHoldBuy

View More Analyst Ratings for TEX
View the Latest Analyst Ratings

 

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Posted-In: Stanley Elliott StifelAnalyst Color Downgrades Analyst Ratings

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