Buckingham Research Maintains 'Strong Buy' on Terex (TEX) After Visit to Facility
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Buckingham Research maintains 'Strong Buy' rating on Terex (NYSE: TEX) after a visit to the company's Waverly plant, which is the flagship of Terex Business System lean manufacturing process. PT $93.
Buckingham analyst says, "We have been a little concerned that supply/demand of cranes were maybe within a year of coming into balance and based on the visit and Terex's level of conviction it seems reasonable to believe that demand is well outstripping supply...Terex appears to have purchased much of its steel needs early in the year, moderating concerns around rapidly rising costs...TEX reiterated their 12x12 by 2010 goals ($12B in sales, 12% operating margins, $500M reduction in inventories to 15% of sales), and cited improvements such as company-wide purchasing, integrated IT systems, lean manufacturing implementation, and global branding as company-wide strategies to achieve these goals...TEX’s N. American crane backlog is filled through 2009, and would be filled out through 2010 if the company took orders that far into the future (based on inquiries received)...Management expects continued demand from emerging markets, and forecasts growth drivers coming from infrastructure and energy applications."
Terex Corporation (Terex) is a diversified global manufacturer of capital equipment focused on delivering reliable, customer relevant solutions for the construction, infrastructure, quarrying, surface mining, shipping, transportation, refining and utility industries.
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