BUZZ-Truist cuts PTs for U.S. machinery companies ahead of Q2 earnings

Reuters07-02

** Truist Securities cuts PTs for machinery companies, especially farm equipment makers, reflecting continued weakness in industrial demand

** Also cites longer-than-expected inventory destocking across distribution channels

Company

New Old Brokerages' median

PT PT - LSEG data

Deere $439 $460 $425

Paccar $115 $121 $121

United Rentals $785 $796 $699

Cummins $315 $319 $304.95

CNH Industrial $14 $17 $16

AGCO Corp $130 $137 $132.50

Terex Corp $68 $73 $62

Oshkosh Corp $123 $132 $132

** Brokerage expects guidance cuts from multi-industry and machinery companies' group in upcoming quarterly results

** "We see recovery in industrials pushed out 6 months, setting the group up well for 2025" - brokerage

** The S&P 500 Industrials sector sub-index had risen 5.8% YTD

(Reporting by Aatreyee Dasgupta)

((Aatreyee.Dasgupta@thomsonreuters.com))

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