Barclays analyst Adam Seiden downgraded Terex to Underweight from Equal Weight with a price target of $20, down from $33. The analyst expects the rental equipment market to move from equilibrium to oversupplied by 2020. The gap between rental equipment days on rent and days on supply is growing, Seiden tells investors in a research note. With several key rental customers focused on utilization into the downturn, buying less equipment, or at least not more year-over-year, is highly likely, contends the analyst. Seiden also thinks lower equipment demand is likely to weigh on industry aerials pricing for 2020.