JP Morgan cuts PTs of US construction equipment makers on weaker orders

Custom Truck One Source

10/07/2024 17:58

** J.P. Morgan cuts target prices of US contruction
equipment manufacturers
             Company                    
                                   Old  Median PT -
                       New PT  PT       LSEG data 
                                        
                                        
 Oshkosh Corp  OSK.N   $120    $130     $132
 Terex Corp  TEX.N     $59     $63      $62
 Manitowoc Co  MTW.N   $12     $14      $15
 Custom Truck One      $5      $6       $7
 Source  CTOS.N                         
    ** JPM sees sequential decline for OSK's access equipment
segment orders, TEX's orders in both segments and MTW's Europe
orders
    ** However, brokerage sees lower steel prices as potential
tailwind for the manufacturers
    ** JPM also notes continued weakness in CTOS' electric
transmission and distribution end-market
    ** Including session's gains, the S&P 500 industrials sector
sub-index  .SPLRCI  had risen 6% YTD

 (Reporting by Aatreyee Dasgupta)
 ((Aatreyee.Dasgupta@thomsonreuters.com))