Terex downgraded to Underperform at BofA with earnings tailwinds fading

As previously reported, BofA downgraded Terex to Underperform from Neutral with a price target of $57, up from $50. While Terex is executing well and the valuation could re-rate higher over the long-term, the firm believes some of the cyclical tailwinds that have driven a “robust” three-year earnings cycle are starting to fade, the analyst tells investors. The firm struggles to see upside as with a “peak narrative in play,” the analyst added.