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Terex Corporation Message Board

  • techmanic techmanic Jun 17, 2013 2:34 PM Flag

    Latest from Credit Suisse, Lowers to $41, maintains outperform.

    17 June 2013
    Americas/United States
    Equity Research
    Construction & Farm Machinery
    Terex Corporation (TEX)

    Rating OUTPERFORM*
    Price (Jun 14) 31.74
    Target price (from 46.00) 41.00¹

    TEX Lowers Guidance

    ■ TEX Lowers The Boom: TEX reduced its 2013 guidance this morning on softer Construction, Materials Handling and Ports Solutions businesses. The Crane business remains okay, however, strength coming out of the BAUMA show in April likely pulled forward demand from May. Aerial Work Platforms continue to be the major area of strength and is likely ahead of plan, but not enough to offset weakness elsewhere. Also, the materials processing business remains solid. By geography, North America is seeing a slower, but steady, recovery and Europe is still weak. While the disappointing commentary is consistent with Deere's more cautious guidance with regards to the US construction markets and in line with CAT's soft retail sales. Restructuring charges are in line with the previous estimated range of $30- $50M and TEX remains very focused on FCF. This does not change our long term view on the name or investment thesis as housing and energy infrastructure spend are still materializing, although just slower, and TEX will remain a huge beneficiary. As such, TEX remains our top small cap pick.

    ■ Lowering Estimates: TEX now expects 2013 EPS in the range of $1.90- 2.10 (or $2.00 at the midpoint), down from $2.40-2.70, and below the street at $2.55. The company also guided Q2’13 EPS in the range of $0.50-0.60, well below the street at $0.82. The updated guide implies second half EPS of ~$1.22 at the midpoint vs. the street at $1.49. We lower our Q2’13 estimate to $0.55, down from $0.81. We also lower our 2013-2015 EPS to $2.00, $3.50, and $4.50, respectively. We lower our price target to $41 which is 10x our 2015 EPS estimate, discounted back.

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