KeyBanc Upgrades Terex (TEX) to Buy; Macro Data & Improving Industry Sentiment Should Drive Growth

KeyBanc upgraded Terex (NYSE: TEX) from Hold to Buy with a price target of $28.00.

KeyBanc analyst said, "In our view, recent increases in both the Architectural Billing Index (ABI) and non-residential construction spending in conjunction with much improved industry sentiment at the conference suggest that Oshkosh (NYSE: OSK), TEX and other construction equipment manufacturers should enjoy an improving revenue environment in 2012. We believe those positive macro trends are occurring in the context of tightening equipment utilization, higher rental rates, and a fleet age in excess of 51 months, and we further believe there are relatively few idle machines in the system to draw from."

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 $19.30 yesterday.

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