S&P MAINTAINS BUY OPINION ON SHARES OF TEREX
(S&P Capital IQ) We leave our EPS estimates at $2.10 in '12 and $2.80 in '13. However, we raise our target price by $20 to $48, 17.1X our '13 forecast, and the upper end of its range during growth periods of the past decade. We believe the higher valuation is merited by what appears to be the likelihood of improvement in global economies, along with what already appears to be the start of more favorable worldwide construction markets. With these factors likely to revive demand for TEX's products, we think TEX will post an extended upturn in operating results.