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Morgan Stanley downgraded the heavy equipment maker and said it sees a possible multi-year downturn in non-residential construction among other things.to UW and URI to EW as we see growing headwinds from a multi-year downturn in Non-Resi Construction, combined with historically weak oil prices and declining mining commodity prices.
"It is important to note that our forecast still calls for growth, but not at the heady levels prior to COVID-19 and the resulting economic slowdown. It is also important to note that we still viewas well positioned to gain share over time. With the stock, however, having appreciated meaningfully and reaching our $2,408 price target in the face of dramatically worsening current economic conditions and rising future uncertainty, we believe prudence dictates reducing exposure to the equity.
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