Terex price target raised to $54 from $52 at Baird

Baird raised the firm’s price target on Terex to $54 from $52 and keeps a Neutral rating on the shares post the Q4 report. The company’s revenue exceeded order intake in 2023, but the 2024 guidance reflects modest revenue growth, the analyst tells investors in a research note. The firm says that absent real demand acceleration, which seems unlikely as customer capex is flattening, Terex’s backlog burn should pressure production rates and guidance in the second half of 2024 and into 2025.