Goldman Sachs lowered the firm’s price target on Terex to $62 from $72 and keeps a Neutral rating on the shares after the company cut its FY24 guidance to reflect supply reductions in its construction equipment markets. The firm is also updating its estimates that assume a peak to trough Aerial Platform revenue decline of 30% vs. 20% in 2014-16 and 40% in 2018-20, stating that while it saw a supply reduction in coming quarters, the speed of the reduction for Access Equipment is faster than anticipated.
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