Zacks Investment Research upgraded shares of Terex Corp. (TEX) from NEUTRAL to OUTPERFORM on January 17, 2014, with a target price of $50.00.
Terex's adjusted earnings for third-quarter 2013 grew 24% year over year to $0.77 per share, due to a reduced interest expense and a lower effective tax rate. The company will continue to benefit from replacement demand in the AWP segment while improved Port business and realization of restructuring benefits will improve results in the MHPS segment. Terex's decision to divest its truck business will be a positive. Furthermore, Terex's initiation of dividend and share repurchases will enhance shareholders' value. We have, thus, upgraded our recommendation from Neutral to Outperform on Terex with a target price of $50.
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