UPDATE: Baird Downgrades Terex (TEX) to Neutral

(Updated - April 8, 2022 6:57 AM EDT)

Baird analyst Micrea Dobre downgraded Terex (NYSE: TEX) from Outperform to Neutral with a price target of $44.00 (from $62.00).

The analyst comments "Downgrading ASTE, MTW, OSK, REVG, TEX to Neutral. In a nutshell, the Russia/Ukraine war impact on input costs and particularly on steel prices observed in recent days, is likely to diminish or even eliminate the positive price/cost and margin setup we previously expected in 2H22/1H23. Additional margin pressure couples with potential for order intake moderation relative to very difficult prior year comps and a toughening broader macro environment; putting all elements together, we struggle to see potential for outperformance despite recent pullback/ valuation, we look to reengage as fundamentals stabilize."

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 $33.44 yesterday.

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