- 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.