Terex downgraded at J.P. Morgan on Konecranes concerns

• Terex (TEX -0.7%) is downgraded to Underweight from Neutral with a $23 price target, lowered from $25, at J.P. Morgan, which is concerned that the merger deal with Konecranes fulfills several criteria that could result in failure.
• The firm sees likely downside risk to the synergies and restructuring savings expected from the deal, and says the cultures of the two companies appear meaningfully different, especially given each entity’s geographic focus and focus on services vs. new product sales.