Terex rises on new stock buyback program
19/12/2022 15:00
** Terex Corp's TEX.N shares up 2.5% at $42.58 as co looks
to buy back more of its stock
** Construction equipment maker says board authorized new
share repurchase program of up to $150 mln urn:newsml:reuters.com:*:nPn17rWDma
** New authorization in addition to buyback program
announced in 2018, which has ~$43 mln remaining, co says
** At its investor day last week, co reiterated FY22 net
sales outlook of ~$4.3 bln, comprising ~$1.9 bln and ~$2.4 bln
for its materials processing and aerial work platforms segments,
respectively, and unveiled 2027 targets
** TEX has roughly $2.9 bln market cap, per Refinitiv data
** With move on Mon, shares have gained ~43% this quarter
** 9 of 16 analysts rate TEX "buy" or "strong buy", rest
"hold", per Refinitiv; median PT of $49 up from $46 a month ago
(Lance Tupper is a Reuters market analyst. The views expressed
are his own)
((lance.tupper@thomsonreuters.com
lance.tupper@tr.com 1-332-219-1430))