Zacks Investment Research downgraded shares of Terex Corporation (TEX) from NEUTRAL to UNDERPERFORM on October 28, 2014, with a target price of $27.00.
Terex Corporation reported second-quarter 2014 adjusted earnings of $0.76 per share, which increased 18.8% year over year. However, the company lowered its 2014 earnings guidance to a range of $2.35-$2.50 per share on weaker-than-expected Crane demand. Terex's estimates have undergone negative revisions following the guidance cut. At the end of the quarter, Terex's Book-to-bill was 0.92, while its backlog declined 7% sequentially to $2.2 billion, mainly dragged down by the AWP segment. Moreover, Terex's revenues in developing markets and Australia continue to remain relatively weak. Hence, we are downgrading our recommendation from neutral to underperform with a target price of $27.
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