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Goldman Sachs: Three Reasons Machinery Stocks Will Tumble

Goldman Sachs analyst Jerry Revich and team cut their outlook on the machinery sector to Cautious–and downgraded Navistar (NAV), Manitowoc (MTW) and Terex (TEX) in the process. They explain why they’re bearish despite the damage already done to the group:

Bloomberg News

We lower our Machinery coverage view to Cautious from Neutral. We have been negative on global commodity capex, but not nearly negative enough on emerging market machinery demand, and missed the 10% correction in the group YTD. However, even after the correction, we...