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Terex cut to sell at Barclays on oversupplied rental market

  • Terex (TEX +5%) enjoys sharp gains despite receiving a downgrade from Barclays, as industrial names benefit from anticipation of a partial U.S.-China trade agreement.
  • The firm cuts TEX shares to Underweight from Equal Weight with a $20 price target, slashed from $33, as analyst Adam Seiden says the gap between rental equipment days on rent and days on supply is growing, with the market likely heading into oversupply by 2020.
  • Seiden also expects lower equipment demand will weigh on industry aerials pricing for 2020.
  • Industrial stocks populate the top three positions on the Dow Jones today: DOW +5.8%, CAT +4.6%, MMM +3.4%.
  • TEX's average Sell Side Rating is Hold, while its Seeking Alpha Authors Rating is Bullish.

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