UBS analyst Steven Fisher upgraded Terex (TEX) to Buy citing expected benefits from the company's operational and balance sheet improvement initiatives. The analyst also sees a cyclical recovery in Aerial Work Platforms demand in the second half of 2018. He raised his price target for Terex shares to $40 from $24. Fisher this morning also upgraded United Rentals (URI) to Neutral from Sell.

Reports Q1 revenue $1.3B, consensus $1.24B. "Terex delivered excellent first quarter results, achieving sales growth and margin expansion versus the prior year," said CEO Simon Meester. "The Terex team continues to perform at a high level and demonstrate the power of its focused strategy and its proven ability to create value. We are raising our full-year outlook to reflect our strong first quarter performance, while also prudently planning for continued softness in Europe over the balance of the year." Meester continued, "Overall, customer demand remains strong for Terex's differentiated products as evidenced by our robust backlog. In addition, we are advancing our new product initiatives to bolster the Company's portfolio of market-leading businesses that will continue to benefit from megatrends over the coming years. We are focused on accelerating our profitable growth strategy and are committed to delivering strong performance through the cycle."

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Previous view $14.65B-$15.15B.

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