JPMorgan analyst Ann Duignan downgraded Terex to Neutral from Overweight with a price target of $30, down from $35, after the company reported Q3 downside, lowered its 2019 guidance and gave an initial 2020 sales outlook that was below consensus. She believes the stock's valuation is "not compelling" on lower earnings while demand is expected to be down in 2020. Management lowered its 2019 adjusted EPS guidance and said it is "operationally planning" for sales down about 10% in 2020, which would imply about $4.0B versus the prior consensus of $4.3B, Duignan noted.