Terex downgraded to Neutral from Buy at UBS

UBS downgraded Terex to Neutral from Buy with a price target of $62, up from $61. The company’s primary exposure is the U.S. non-residential construction market, which has downshifted to a phase of slow growth, the analyst tells investors in a research note. The firm does not expect a re-acceleration in non-residential spending over the next two years, saying cyclical headwinds for commercial construction limits upside in 2024, while tough compares and timing of structural investment limits upside in 2025.