UPDATE: Morgan Stanley Neutral on Machinery Stocks; Terex (TEX) Top Pick, Deere (DE) Underweight (CAT) (JOY) (MTW)

September 5, 2013 6:42 AM EDT
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Price: $31.98 --0%

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(Updated - September 5, 2013 8:20 AM EDT)

Morgan Stanley initiated coverage on a number of machinery stocks. Morgan Stanley's top pick is Terex (NYSE: TEX), rated Overweight with a price target of $47.00. Analysts believe Terex is a "self help" story even without a strong recovery in non-residential construction.

Morgan Stanley is also bullish on AGCO Corporation (NYSE: AGCO). However, Deere (NYSE: DE) was rated Underweight, a call tied to weakening ag demand.

Others like Caterpiller (NYSE: CAT), Joy (NYSE: JOY), and The Manitowoc Company, Inc. (NYSE: MTW) were given Equalweight ratings.

Stock picking is the "name of the game" in machinery, said Morgan Stanley.

For an analyst ratings summary and ratings history on Terex (NYSE: TEX) click here. For more ratings news on Terex click here.

Shares of Terex closed at $28.69 yesterday.

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