Jefferies Downgrades Terex (TEX) to Hold
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Jefferies downgraded Terex (NYSE: TEX) from Buy to Hold with a price target of $25.00.
Analyst Stephen Volkmann commented, "We are lowering our investment rating on TEX from Buy to Hold as the shares have achieved our price target. We also provide our updated financial model post 2Q earnings with this note. Terex now trades in the middle of its historical valuation range (EV/Sales) and at the upper end of the P/E range. We believe further upside would require more aggressive restructuring."
The firm cut FY 2016 EPS from $1.40 to $0.90 and FY 2017 EPS from $1.55 to $1.20.
Shares of Terex closed at $24.45 yesterday.
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