UBS Maintains a 'Neutral' on Terex (TEX); Adjsuting Estimates and PT on Q4 Results
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Price: $67.37 -0.81%
Rating Summary:
12 Buy, 16 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 10 | Down: 18 | New: 20
Rating Summary:
12 Buy, 16 Hold, 3 Sell
Rating Trend:
Up
Today's Overall Ratings:
Up: 10 | Down: 18 | New: 20
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UBS maintains a 'Neutral' on Terex (NYSE: TEX) price target raised from $17 to $27.
UBS analyst says, "Despite trimming our 2012 and 2013 sales forecasts on a less robust rebound than we previously modeled, we see upside to our prior op. margins estimates (on improved pricing, mix and restructuring). We now see 2012E and 2013E EPS of $1.75 and $3.05, from $1.65 and $3.35 previously."
"Our price target now reflects 25% discount to the market multiple on revised 2013E EPS (was a 10-20% discount on 2012E), in line with the average P/E multiple in 2005/2006. Investors are taking a longer-term view on TEX’s earnings power (TEX is up 86% YTD), and we caution against an overly negative view on shares as AWP demand recovers and the crane cycle lies ahead. That said, we maintain our Neutral rating as near term improvements are largely priced in and continuing market volatility could delay a more robust recovery in global end market demand."
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 $25.11 yesterday.
UBS analyst says, "Despite trimming our 2012 and 2013 sales forecasts on a less robust rebound than we previously modeled, we see upside to our prior op. margins estimates (on improved pricing, mix and restructuring). We now see 2012E and 2013E EPS of $1.75 and $3.05, from $1.65 and $3.35 previously."
"Our price target now reflects 25% discount to the market multiple on revised 2013E EPS (was a 10-20% discount on 2012E), in line with the average P/E multiple in 2005/2006. Investors are taking a longer-term view on TEX’s earnings power (TEX is up 86% YTD), and we caution against an overly negative view on shares as AWP demand recovers and the crane cycle lies ahead. That said, we maintain our Neutral rating as near term improvements are largely priced in and continuing market volatility could delay a more robust recovery in global end market demand."
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 $25.11 yesterday.
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