Zacks Investment Research downgraded shares of Terex Corp. (TEX) from NEUTRAL to UNDERPERFORM on July 04, 2013, with a target price of $25.00.
Terex's first-quarter 2013 adjusted earnings of $0.23 per share declined 21% from the year-ago quarter. Total revenue declined 5% year over year to $1.723 billion. Terex lowered its guidance for 2013 citing softer market conditions in its Construction, Materials Handling and Port Solutions, and to a lesser extent Cranes business. Backlog declined 6% y-o-y to $2.17 billion mainly due to softness in European markets. Results may continue to be affected owing to Terex's exposure to Europe. We have thus downgraded our recommendation from Neutral to Underperform on Terex Corp. with a target price of $25.
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