S&P MAINTAINS BUY OPINION ON SHARES OF TEREX
(S&P Capital IQ) We leave our '13 EPS estimate at $2.80, and start '14's at $3.65. We keep our target price at $48, using relative valuation. Q4 EPS of $0.19, vs. $0.25, both ex-items, was $0.27 below our estimate, as a 13% sales decline was much worse than the fractional gain that we forecast. Global economic woes had negative impact on demand for TEX's products. However, in line with our construction equipment view, TEX sees solid results in its aerial work platform and crane segments in '13. We think once it gets past recent sluggishness, TEX will post a strong and extended business recovery.