Model Updates: Machinery & Construction | North America

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Model Updates: Machinery & Construction | North America

Update

August 3, 2026 12:16 AM GMT

Morgan Stanley & Co. LLCMMachinery & Construction | North America Angel Castillo

Equity Analyst

Model Updates Angel.Castillo@morganstanley.comStefan Diaz, CFA +1 212 761-1931

Stefan.Diaz@morganstanley.com +1 212 761-1834

What’s Changed Oliver Jiang

Research Associate

Terex Corp. (TEX.N) From To Oliver.Jiang@morganstanley.com +1 212 761-6458

Price Target $84.00 $86.00 Esther O Osinaiya

Lincoln Electric Holdings Inc (LECO.O) Esther.Osinaiya@morganstanley.com +1 212 761-3176

Price Target $253.00 $257.00

We mark our CRH, LECO, and TEX models for 2Q26 results and Machinery & Construction

North America

update our PTs. Industry View Attractive

CRH (CRH.N): We mark to market our model following 2Q26 results. Our estimates

are updated as follows: 3Q26 Adj. EBITDA is revised to $2,913M (from $2,899M),

FY26 Adj. EBITDA is revised to $8,330M (from $8,314M), FY27 Adj. EBITDA is

revised to $9,230M (from $9,215M), FY26 Adj. EPS is revised to $5.74 (from $5.93),

and FY27 Adj. EPS is revised to $6.48 (from $6.67) . Our revised forecast primarily

reflects: 1) a revised price cadence for Americas Materials; 2) recognition of the

noncontrolling interest tied to Australian operations, alongside a higher effective tax

rate on disposals; and 3) revised net interest and depreciation assumptions.

Lincoln Electric (LECO): Mark our model following 2Q26 results. We raise PT to

$257 (from $253) to reflect an unch. 23x on our FY26 Adj. EPS of $11.16 (was $11.02).

Our FY26 estimates are increasing slightly as 2% higher sales is partially offset by

softer adj. EBIT margins. As such, for 3Q26/FY26, we now estimate total revenue of

$1,176M/$4,697M (was $1,157M/$4,602M) while company adj. EBIT margins are