In a report published Tuesday, BMO Capital Markets analyst Joel Tiss reiterated an Outperform rating on Terex Corporation TEX, but lowered the price target from $41.00 to $36.00.
In the report, BMO Capital Markets noted, “Terex revised guidance for the remainder of 2013 with EPS now expected to be in the range of $1.90-$2.10 versus $2.40-$2.70 previously and compares with Street estimates pre-announcement of $2.55. Management also revealed that EPS for 2Q13 would be in the $0.50-$0.60 range, well below prior consensus of $0.82. Weakness appears to be mainly European related and within the Material Handling & Port Solution and Construction, as well as Cranes, though to a smaller degree.”
Terex Corporation closed on Monday at $29.29.
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