Zacks Investment Research upgraded shares of Terex Corp. (TEX) from UNDERPERFORM to NEUTRAL on September 24, 2013, with a target price of $35.00.
We are upgrading our recommendation on Terex from Underperform to Neutral, with a target price of $35.00 on account of expected benefits from debt repayment, positive outlook for the Aerial Work Platform, restructuring initiatives and significant growth in developing markets. The company will also realize benefits from continuous focus on cost control in the MHPS and the Cranes and Construction segments. However, Terex's second-quarter 2013 adjusted earnings declined 13% year over year to $0.65 per share. The results may continue to be affected due to Terex's exposure to Europe. Moreover, pricing pressure, slower than anticipated construction recovery and adverse currency fluctuations remain the headwinds in the upcoming quarters.
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