Terex downgraded to Neutral from Buy at Citi

Citi analyst Timothy Thein downgraded Terex to Neutral from Buy with a price target of $63, up from $45, post the Q4 results. Record backlogs and solid end market fundamentals help to provide solid earnings visibility for 2023, the analyst tells investors in a research note. However, given the stock’s strong year-to-date returns, the path for further outperformance is less clear, and thus a Neutral rating is warranted at this time, Citi contends. It believes Terex is close to fairly valued.