Morgan Stanley Initiates Coverage on Terex Corp. (TEX)
Equities researchers at Morgan Stanley assumed coverage on shares of Terex Corp. (NYSE:TEX) in a research report issued on Thursday, ARN reports. The firm set an “overweight” rating on the stock.
The analysts wrote, “While we still see a Non-Resi Construction recovery as a strong possibility, we prefer to play this theme through TEX, where it can be thought of as a free option; we also see room for the company to help itself through productivity and restructuring initiatives. Although we are skeptical that the company can achieve its optimistic 2015e goals of $10bn revenue and $5 EPS, the market is not embedding this outcome, and so hitting the target is not required for the stock to work; even missing the EPS goal by 22% could drive a rerating, in our view. We believe that fears of a ‘crane-less’ construction recovery are overblown, given the inability of cranes to easily be moved from region to region and expectations of a pickup in NA replacement demand.”
Terex Corp. (NYSE:TEX) traded up 3.24% on Thursday, hitting $29.62. The stock had a trading volume of 1,580,333 shares. Terex Corp. has a 52 week low of $20.41 and a 52 week high of $37.12. The stock has a 50-day moving average of $29.91 and a 200-day moving average of $30.97. The company has a market cap of $3.297 billion and a P/E ratio of 81.27.
Terex Corp. (NYSE:TEX) last issued its quarterly earnings data on Wednesday, July 24th. The company reported $0.55 EPS for the quarter, meeting the Thomson Reuters consensus estimate of $0.55. The company had revenue of $1.91 billion for the quarter, compared to the consensus estimate of $1.98 billion. During the same quarter last year, the company posted $0.75 earnings per share. Terex Corp.’s revenue was down 5.1% compared to the same quarter last year. Analysts expect that Terex Corp. will post $1.99 EPS for the current fiscal year.
A number of other firms have also recently commented on TEX. Analysts at UBS AG raised their price target on shares of Terex Corp. (NYSE:TEX) from $21.00 to $30.00 in a research note to investors on Thursday, August 22nd. They now have a “neutral” rating on the stock. Separately, analysts at Barclays Capital upgraded shares of Terex Corp. (NYSE:TEX) to a “best ideas list” rating in a research note to investors on Monday, August 19th. Finally, analysts at Zacks reiterated an “underperform” rating on shares of Terex Corp. (NYSE:TEX) in a research note to investors on Monday, July 29th. They now have a $26.00 price target on the stock.
One research analyst has rated the stock with a sell rating, seven have issued a hold rating and six have assigned a buy rating to the company. The company presently has an average rating of “Hold” and a consensus target price of $34.45.
In other Terex Corp. news, Director Paula Cholmondeley sold 2,044 shares of the stock on the open market in a transaction dated Thursday, August 29th. The shares were sold at an average price of $29.95, for a total transaction of $61,217.80. Following the sale, the director now directly owns 29,974 shares in the company. The transaction was disclosed in a filing with the Securities & Exchange Commission, which can be accessed through this link.
Terex Corporation is a diversified global equipment manufacturer of machinery products. The Company is focused on delivering reliable, customer-driven solutions for a wide range of commercial applications, including the construction, infrastructure, quarrying, mining, manufacturing, shipping, transportation, refining, energy and utility industries.
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