Terex upgraded to Outperform from Market Perform at Raymond James

Raymond James analyst Tim Thein upgraded Terex (TEX) to Outperform from Market Perform with a $70 price target which offers 25% total return potential. The firm sees “no reason” why Terex cannot revisit share levels from 15 months ago, or 15% above current levels, with most of its global peer stocks at or near all-time highs. Raymond James does not expects Terex’s Q3 results will be a major catalyst, but thinks the market will discount an earnings trough and ultimately assign a higher midcycle earnings valuation given the company’s lower earnings volatility and improved business mix.