Wells Fargo Upgrades Terex (TEX) to Outperform; Raising Estimates as Crane Channel Checks Positive

April 17, 2012 7:07 AM EDT
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Price: $31.98 --0%

Rating Summary:
    8 Buy, 18 Hold, 2 Sell

Rating Trend: = Flat

Today's Overall Ratings:
    Up: 0 | Down: 0 | New: 0
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Wells Fargo upgraded Terex (NYSE: TEX) to Outperform with a price target range $27-29.

Analyst, Andrew Casey, said, "We expect TEX's backlogs to expand and earnings to potentially begin to beat over the next few quarters. Despite significant year to date appreciation and potential continued short-term rotation away from TEX, we expect the stock will be lifted by improving demand and positive pricing."

"We raise Q1 2012E EPS to $0.24 from $0.20 (vs. consensus $0.22) and maintain our 2012E EPS of $1.85 (vs. consensus $1.76) and modestly increase 2013E to $2.95 from $2.80 due to the expectation that higher Crane contribution offsets lower Construction margin views and higher interest expense (recent $300MM capital offering)."

For an analyst ratings summary and ratings history on Terex click here. For more ratings news on Terex click here.

Shares of Terex closed at $22.19 yesterday.

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