In this article, we will discuss the 5 Best Heavy Equipment Stocks to Buy as Backlogs Hit Records. For deeper discussion and analysis, read 7 Best Heavy Equipment Stocks to Buy as Backlogs Hit Records.

5. Terex Corporation (NYSE:TEX)

Upside Potential: 27.37%

Target Price: $76.59

On May 11, Raymond James upgraded Terex Corporation (NYSE:TEX) to Strong Buy from Outperform while maintaining an unchanged $85 price target. The firm stated that following the company’s first-quarter report, it has increased confidence that earnings within Terex’s materials processing segment are likely to accelerate through 2026. According to the analyst, strength in aggregates demand and accelerated pricing actions should more than offset elevated material expenses and tariff-related cost pressures. Raymond James also expressed optimism regarding the company’s specialty vehicles business, which it expects could contribute roughly one-third of adjusted segment profits during 2026. The analyst further argued that the specialty vehicles segment remains in the early stages of a broader margin expansion cycle.

On the same day, Evercore ISI analyst David Raso lowered the firm’s price target on Terex Corporation (NYSE:TEX) to $81 from $82 while maintaining an Outperform rating on the shares. Despite the modest reduction, Evercore continues to view the company favorably, given its operational positioning across construction equipment, materials processing, and specialty industrial markets. Analysts remain focused on the company’s ability to execute pricing initiatives, improve margins, and capitalize on infrastructure and industrial demand trends moving forward.

Founded in 1933 and headquartered in Norwalk, Terex Corporation (NYSE:TEX) is a global manufacturer of heavy industrial equipment specializing in aerial work platforms, materials processing machinery, and utility equipment. Its portfolio includes well-known brands and products used across infrastructure, industrial, and construction applications worldwide.

4. Hyster-Yale, Inc. (NYSE:HY)

Upside Potential: 28.71%

Target Price: $46

On May 13, Hyster-Yale, Inc. (NYSE:HY) announced that its board of directors approved an increase in the company’s regular quarterly cash dividend from $0.36 to $0.365 per share. The dividend applies to both Class A and Class B common stock and is scheduled to be paid on June 16 to shareholders of record as of June 1. The dividend increase reflects management’s confidence in the company’s financial position and ongoing cash generation capabilities despite broader economic and industrial market uncertainties.

Earlier, on March 5, Roth Capital analyst Chip Moore raised the firm’s price target on Hyster-Yale, Inc. (NYSE:HY) to $44 from $40 while maintaining a Buy rating following the company’s fourth-quarter results. According to the analyst, ongoing strategic initiatives are expected to improve investor sentiment heading into fiscal year 2027. While acknowledging that operational challenges remain, Roth Capital stated that it continues to view the company as an attractive GDP-plus growth opportunity with solid long-term expansion prospects supported by its established position within the material handling and industrial equipment market.

Founded in 2012 and headquartered in Cleveland, Hyster-Yale, Inc. (NYSE:HY) manufactures specialized material handling equipment, including heavy-duty forklifts, warehouse lift trucks, and industrial logistics solutions. Although the modern independent company was established in 2012, its underlying brand heritage dates back as far as 1844, giving it a longstanding presence within the industrial equipment sector.

3. Oshkosh Corporation (NYSE:OSK)

Upside Potential: 35.62%

Target Price: $163.27

On May 12, Morgan Stanley lowered its price target on Oshkosh Corporation (NYSE:OSK) to $150 from $157 while maintaining an Equal Weight rating following the company’s first-quarter results. The revised target reflects updated financial estimates as analysts continue evaluating near-term demand conditions across Oshkosh’s diversified industrial and specialty vehicle segments. Despite the modest reduction, Morgan Stanley acknowledged the company’s resilient operational positioning and its exposure to several mission-critical end markets, including defense, infrastructure, emergency response, and vocational equipment manufacturing.

A day earlier, Baird analyst Mircea Dobre lowered the firm’s price target on Oshkosh Corporation (NYSE:OSK) to $172 from $175 while reiterating an Outperform rating on the shares. According to the analyst, first-quarter results pointed to a relatively slow start to the year, although management maintained full-year guidance that now appears increasingly weighted toward stronger second-half performance. Baird continues to view Oshkosh favorably due to its diversified business model, operational execution, and potential for improving demand conditions across several industrial and specialty vehicle categories later in 2026.

Founded in 1917 and headquartered in Oshkosh, Oshkosh Corporation (NYSE:OSK) manufactures mission-critical specialty vehicles and heavy equipment through its Access Equipment, Defense, Fire & Emergency, and Vocational segments. The company produces a wide range of industrial and government-focused equipment, including JLG lifts, tactical military vehicles, fire engines, refuse collection vehicles, and concrete mixers.

2. Astec Industries, Inc. (NASDAQ:ASTE)

Upside Potential: 53.06%

Target Price: $72

On May 7, Astec Industries, Inc. (NASDAQ:ASTE) reported first-quarter revenue of $396.3 million, exceeding consensus estimates of $393.24 million. Chief Executive Officer Jaco van der Merwe stated that a 70.6% increase in Materials Solutions net sales was driven by both organic and inorganic growth contributions, while Infrastructure Solutions revenue remained relatively stable due to acquisition-related gains offsetting timing and product mix pressures within the company’s legacy operations. Management also expressed optimism regarding the remainder of 2026, citing favorable order activity and strong end-market demand conditions. As a result, the company maintained its full-year adjusted EBITDA guidance range of $170 million to $190 million.

Earlier, on April 1, Freedom Broker initiated coverage of Astec Industries, Inc. (NASDAQ:ASTE) with a Buy rating and a $66 price target. The firm noted that Astec’s equipment portfolio, which supports asphalt production, aggregates processing, and highway construction activities, positions the company to benefit from multiyear infrastructure investment programs supported by federal and state government funding initiatives. Analysts continue to view infrastructure modernization and construction activity as significant long-term catalysts for demand across Astec’s core operating markets.

Founded in 1972 and headquartered in Chattanooga, Astec Industries, Inc. (NASDAQ:ASTE) is a global heavy equipment manufacturer specializing in infrastructure development and materials processing solutions. The company produces equipment used in road construction, aggregate processing, asphalt production, and industrial infrastructure applications worldwide.

1. Titan International, Inc. (NYSE:TWI)

Upside Potential: 55.22%

Target Price: $11.75

On April 30, Titan International, Inc. (NYSE:TWI) reported first-quarter revenue of $505.07 million, surpassing consensus expectations of $497.24 million. President and Chief Executive Officer Paul Reitz stated that the company delivered results at the high end of internal expectations despite navigating a highly dynamic macroeconomic backdrop. The Earthmoving/Construction segment emerged as the company’s strongest-performing business during the quarter, posting growth exceeding 11% year over year. Gross margin within the segment improved by 90 basis points to 11.3%, supported by stronger revenue growth and improved fixed-cost leverage. Management also noted that the agricultural business recorded modest growth while the consumer segment experienced only a limited decline, contributing to overall quarterly revenue growth of nearly 3% alongside higher gross margin and adjusted EBITDA performance.

On the same day, Titan International, Inc. (NYSE:TWI) reaffirmed its fiscal 2026 adjusted EBITDA guidance range of $105 million to $115 million. Chief Financial Officer Tony Eheli stated that the company expects second-quarter sales to range between $470 million and $490 million, with adjusted EBITDA projected between $25 million and $30 million. Management also maintained full-year sales guidance of $1.85 billion to $1.95 billion, reflecting continued confidence in operational execution and demand stability despite ongoing geopolitical and tariff-related volatility across global markets.

Founded in 1890 and headquartered in West Chicago, Titan International, Inc. (NYSE:TWI) manufactures off-the-road tires, wheels, and undercarriage systems for agricultural, construction, mining, and industrial heavy equipment markets. The company operates globally and supplies products supporting large-scale industrial and infrastructure operations.

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