- Terex (TEX +7.9%) soars to 52-week highs after J.P. Morgan upgrades shares to Overweight from Neutral with a $47 price target, hiked from $30, saying TEX could deliver 2020 EPS of ~$4.15 using its framework for 2020 transformation objectives.
- JPM Ann Duignan says TEX’s framework has similarities with Illinois Tool Works’ (ITW -0.4%) strategy that was rolled out in 2012, noting that ITW has exceeded its objectives and the stock has delivered 140% cumulative total shareholder returns since 2012.
- Thanks to the upgrade, TEX shares have touched their highest level since September 2014 on volume 3.7x of the 20-day average.