Baird notes Terex reported a Q1 EPS beat with operating income well above the firm’s model, driven by strong backlog conversion in AWP. While operating execution remains “solid” and guidance was bumped higher, the firm notes that orders continue declining and it contends that further backlog erosion seems likely as 2024 progresses with adverse implications for 2025 based on updated revenue guidance and customer capex trends, so it “would fade any rally.” The firm has a Neutral rating and $54 price target on Terex shares.
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