UBS Maintains a 'Neutral' on Terex (TEX); Challenging 2Q, but Sees Improving Profitability in 2H11

UBS maintains a 'Neutral' on Terex (NYSE: TEX) price target lowered by $1 to $28.

UBS analyst says, "Adjusted EPS excludes a $0.22 gain on sale of BUCY shares, a $0.29 Crane restructuring charge and $0.02 in costs related to the pending Demag acquisition. While net sales of $1.5B rose an impressive 38% YoY (8% from F/X), TEX cited supplier constraints and “other operational challenges” as adj. 2Q operating margin of 2.9% was disappointing...Reflecting the 2Q miss, a less robust rebound in Crane demand and slightly weaker margins, we are lowering our 2011 and 2012 EPS estimates to $0.40 and $2.00, from $0.75 and $2.30, respectively."

For more ratings news on Terex click here and for the rating history of Terex click here.

Shares of Terex closed at $24.32 yesterday.

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