Terex upgraded to Equal Weight from Underweight at Morgan Stanley

Morgan Stanley analyst Angel Castillo upgraded Terex (TEX) to Equal Weight from Underweight with a price target of $47, up from $41. The firm sees “good strategic value” in the company’s merger with REV Group (REVG). However, the timing, structure and overall value of the deal to both parties “points to elevated risk,” the analyst tells investors in a research note. It believes dilution and questions about the underlying value of the combined aerials business could weigh on share performance. Morgan Stanley cites the recent selloff in Terex shares for the upgrade.