Stifel Cuts Price Target on Terex (TEX) to $25 as Zoomlion Deal Falls Through
Stifel maintained a Buy rating on Terex (NYSE: TEX), and cut the price target to $25.00 (from $30.00), after the company's deal with Zoomlion falls through. Shares of Terex dropped 14% compared to a 0.5% gain in the broader market.
Analyst Stanley Elliott commented, "Friday morning Zoomlion terminated its $31/share cash offer for all of the outstanding Terex shares. Separately, Konecranes announced that it will continue to proceed with the acquisition of Terex’s Material Handling and Port Solutions (MHPS) business, which is on track to close in January 2017. As compensation, Terex receives approximately $1.3 billion for MHPS, split between $820 million in cash and 19.6 million of newly issued Konecranes shares, or 25% of shares outstanding."
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 $20.89 yesterday.