Terex Corporation (TEX.N): Growth Broadening Across TEX‘s Portfolio, While Aerial Sale Still TBD

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Terex Corporation (TEX.N): Growth Broadening Across TEX‘s Portfolio, While Aerial Sale Still TBD

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31 Jul 2026 04:00:00 ET │ 13 pages

Terex Corporation (TEX.N)

Growth Broadening Across TEX’s Portfolio, While Aerials Sale Still TBD

CITI'S TAKE

We have updated our model following TEX’s 2Q results. We have raised our

2026E adj. EPS to $5.00 from $4.80, toward the high-end of TEX’s $4.70- Buy

$5.10 guidance range. We have also modestly brought up our out-year

Price (30 Jul 26 16:00) US$62.22estimates. Outside of some softness in refuse (which did see positive

bookings y/y in 2Q), end-markets across TEX’s portfolio continue to build Target price US$80.00

momentum. On the operational side, we gather that TEX’s capacity Expected share price return 28.6%

expansion plans in utilities and firetruck are progressing largely as expected,

while synergies from the REVG acquisition remain on schedule. We do think Expected dividend yield 1.1%

that uncertainty around the timing of the potential Aerials business sale Expected total return 29.7%

could be weighing on share performance a bit, especially given an access Market Cap US$7,106M

cycle that appears to be turning, although we can appreciate TEX taking a

diligent approach. We maintain our Buy rating and $80 price target on TEX

shares.

Price Performance

Aerials — While national accounts remain the primary driver of the improving

(RIC: TEX.N, BB: TEX US)demand outlook, management noted that independents’ bookings continued to

improve again in 2Q. Management reiterated solid customer interest in its Aerials

business and its commitment to exiting the business, although timing is still TBD.

MP — TEX highlighted increased bookings for material handling and concrete

mixers, suggesting demand could be broadening in the US.