Terex upgraded to Outperform from Neutral at Baird

Baird upgraded Terex (TEX) to Outperform from Neutral with a price target of $66, up from $48. The stock has lagged for two years as earnings have cyclically reset following the post-COVID demand peak, the analyst tells investors in a research note. The firm, however, now sees a path to Terex’s earnings bottoming in 2025. This should catalyze normal multiple expansion driving the stock in the $60-$75 range, contends Baird. The firm believes lower investor expectations, lower risk from tariffs, back-to-back years of demand and earnings degradation and a “still compressed valuation could present a good opportunity for value investors.”