Truist cuts PTs for U.S. machinery companies ahead of Q2 earnings

Terex

02/07/2024 14:16

** Truist Securities cuts PTs for machinery companies,
especially farm equipment makers, reflecting continued weakness
in industrial demand 
    ** Also cites longer-than-expected inventory destocking
across distribution channels
             Company                       
                             New      Old  Brokerages' median
                         PT       PT       - LSEG data
                                           
                                           
 Deere  DE.N             $439     $460     $425
 Paccar  PCAR.O          $115     $121     $121
 United Rentals  URI.N   $785     $796     $699
 Cummins  CMI.N          $315     $319     $304.95
 CNH Industrial  CNH.N   $14      $17      $16
 AGCO Corp  AGCO.N       $130     $137     $132.50
 Terex Corp  TEX.N       $68      $73      $62
 Oshkosh Corp  OSK.N     $123     $132     $132
    ** Brokerage expects guidance cuts from multi-industry and
machinery companies' group in upcoming quarterly results
    ** "We see recovery in industrials pushed out 6 months,
setting the group up well for 2025" - brokerage
    ** The S&P 500 Industrials sector sub-index  .SPLRCI  had
risen 5.8% YTD

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