Terex Corp. (TEX:US), which bought Demag Cranes AG (D9C) in August, rose the most in six months after BMO Capital Markets said equipment rental companies will buy more aerial work platforms to replace aging fleets.
Terex climbed 11 percent to $18.80 at the close in New York, the biggest gain since Nov. 30. Customers of Westport, Connecticut-based Terex will buy more of the company’s cranes and aerial work platforms, Charles D. Brady, an analyst at BMO, wrote in a note published today. The platforms are used to lift workers.
“This segment could outperform expectations over the next 12 to 18 months should non-residential construction spending come back sooner or be stronger than expected,” Brady said.
Terex completed its purchase of Demag, a Dusseldorf, Germany-based builder of cranes and harbor equipment, for about 963 million euros ($1.2 billion), on Aug. 16.
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