Deutsche Bank Starts Terex (TEX) at Hold
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Deutsche Bank initiated coverage on Terex (NYSE: TEX) with a Hold rating and a price target of $26.
Analyst Nicole DeBlase said, "We agree that the MHPS sale will be accretive out of the gate – while removing the segment from Terex’s portfolio creates a ~$0.32 EPS headwind, this will be more than offset in 2017e by a combination of Konecranes equity income (~$0.26) and payback from the use of cash proceeds ($0.34-0.44 depending on split between debt paydown/buybacks). However, we were most enthusiastic about the margin expansion opportunity within the MHPS segment, so this muddles the cost reduction story for us."
Shares of Terex closed at $24.38 yesterday.
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