Terex upgraded to "buy"

12/10/07 - UBS

NEW YORK, December 10 (newratings.com) - Analysts at UBS upgrade Terex Corporation (TEX) from "neutral" to "buy." The 12-month target price is set to $84.

In a research note published this morning, the analysts mention that data from the recent rental survey reflects a lower-than-anticipated near-term decline in capital spending by domestic rental companies on aerials. Terex’s Materials Processing & Mining and Cranes businesses continue to have favorable exposure to end markets and the performance of both of these businesses is robust, the analysts say. Terex’s current share price does not reflect the company’s favourable late-cycle exposure to the crane and mining end markets, UBS adds.