Wells Fargo initiated coverage of Terex (TEX) with an Equal Weight rating and $50 price target. The firm is positive on Machinery, Industrials & Environmental Services amid the transition from the multiple expansion to the estimate revision phase of the cycle. Wells initiated 22 stocks in the machinery, industrials and environmental services group with Cummins (CMI), Herc Holdings (HRI) and WM (WM) top picks.
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