Deutsche Bank Starts Terex (TEX) at Hold

Deutsche Bank initiated coverage on Terex (NYSE: TEX) with a Hold rating and a price target of $26.

Analyst Nicole DeBlase said, "We agree that the MHPS sale will be accretive out of the gate – while removing the segment from Terex’s portfolio creates a ~$0.32 EPS headwind, this will be more than offset in 2017e by a combination of Konecranes equity income (~$0.26) and payback from the use of cash proceeds ($0.34-0.44 depending on split between debt paydown/buybacks). However, we were most enthusiastic about the margin expansion opportunity within the MHPS segment, so this muddles the cost reduction story for us."

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 $24.38 yesterday.

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