In this article, we will discuss 7 Best Heavy Equipment Stocks to Buy as Backlogs Hit Records.
Heavy equipment stocks are increasingly becoming a favorite Wall Street bet as billionaire investors and hedge fund managers position themselves for what many believe is a multi-year global infrastructure, mining, and industrial expansion cycle driven by AI, energy demand, reshoring, and government spending.
Legendary investor Warren Buffett has long favored companies tied to real economic activity, including railroads, energy infrastructure, and industrial businesses that benefit from long-term capital investment cycles. Meanwhile, Stanley Druckenmiller has repeatedly argued that infrastructure, commodity production, and industrial expansion could become some of the biggest macroeconomic themes of the decade, especially as governments pour money into energy, AI infrastructure, and domestic manufacturing. Hedge fund billionaire Ken Griffin has also increased exposure to industrial and infrastructure-linked sectors, as construction, logistics, and energy projects accelerate globally.
The statistics behind the industry are massive. According to research highlighted by Research and Markets, the global heavy construction equipment market is projected to grow from roughly $218.3 billion in 2024 to $314.4 billion by 2030, representing a 6.3% compound annual growth rate. Meanwhile, research from IMARC Group estimates the global construction equipment market could expand from $258.5 billion in 2025 to $352 billion by 2034. The report found that heavy construction equipment alone accounted for 65% of the market in 2025, while Asia-Pacific represented 43.8% of global demand because of massive infrastructure programs in China and India. Additional research from Grand View Research projects the heavy construction equipment market will reach nearly $289.3 billion by 2030, fueled by urbanization, housing demand, mining activity, and infrastructure modernization.
With this context in mind, here are some of the best heavy equipment stocks to buy as backlogs hit records.
Our Methodology
We used stock screeners to identify a list of heavy equipment stocks with upside potential of over 30%. We limited our final selection to companies that have recently reported noteworthy developments likely to impact investor sentiment. These stocks are also popular among analysts and elite hedge funds. To make the list easier to navigate, we ranked the stocks in ascending order of their upside potential.
Why are we interested in the stocks that hedge funds pile into? The reason is simple: our research has shown that we can outperform the market by imitating the top stock picks of the best hedge funds. Our quarterly newsletter’s strategy selects 14 small-cap and large-cap stocks every quarter and has returned 498.7% since May 2014, beating its benchmark by 303 percentage points (see more details here).
7 Best Heavy Equipment Stocks to Buy as Backlogs Hit Records
7. Wabash National Corporation (NYSE:WNC)
Upside Potential: 23.37%
Target Price: $8.50
On May 5, DA Davidson lowered its price target on Wabash National Corporation (NYSE:WNC) to $8.50 from $11 while maintaining a Neutral rating on the shares. According to the analyst, the company’s first-quarter results showed preliminary signs of stabilization within the freight market, supported by a somewhat improved tone surrounding trailer-market activity discussed during the earnings call. DA Davidson also noted that management appears to be proactively addressing balance sheet and debt-related matters in an effort to strengthen financial flexibility amid ongoing industry uncertainty. However, the firm added that the financing terms the company may ultimately secure from lenders remain uncertain as management continues to navigate a cautious transportation environment.
On May 1, Wabash National Corporation reported first-quarter revenue of $303.2 million compared to $380.89 million in the prior-year period. President and Chief Executive Officer Brent Yeagy stated that the company entered the year facing uncertain freight conditions, uneven order patterns, and cautious customer spending behavior across the transportation industry. Despite those challenges, management pointed to early indications of stabilization and improving fundamentals that historically precede broader freight recoveries. Yeagy added that customer visibility and confidence have continued to improve heading into the second quarter of 2026, with spot rates, contract pricing, fleet capacity, and transportation demand beginning to align in ways that could support a constructive recovery environment into 2027 and potentially stimulate replacement demand for transportation equipment.
Founded in 1985 and headquartered in Lafayette, Wabash National Corporation is a leading North American manufacturer of commercial transportation and logistics equipment. The company designs and manufactures heavy-duty semi-trailers, truck bodies, and bulk tank trailers serving freight, logistics, and industrial transportation markets across the continent.
6. CNH Industrial N.V. (NYSE:CNH)
Upside Potential: 24.26%
Target Price: $12.96
On May 11, Goldman Sachs analyst Daniela Costa downgraded CNH Industrial N.V. (NYSE:CNH) to Neutral from Buy while lowering the firm’s price target to $10.50 from $12. Goldman stated that following the stock’s outperformance during 2026, the shares now appear fairly valued relative to prevailing market conditions. The analyst also cited persistently weak North American agricultural demand, ongoing macroeconomic uncertainty, and higher fertilizer costs as headwinds affecting the broader agricultural equipment sector. In addition, Goldman noted that CNH’s first-quarter results missed consensus EBIT expectations by more than 50%, although the stock has still advanced approximately 8% since the earnings release.
On the same day, Evercore ISI lowered its price target on CNH Industrial N.V. to $12.25 from $13 while maintaining an In Line rating on the shares. The revised target reflects continued caution surrounding near-term agricultural equipment demand trends and ongoing uncertainty across global farming and construction markets. Nevertheless, analysts continue to monitor the company’s operational execution, global brand portfolio, and potential recovery opportunities as agricultural fundamentals eventually stabilize.
Founded in the 1840s and incorporated in the Netherlands, CNH Industrial N.V. maintains its global corporate headquarters in Basildon. The company is a global capital goods leader that designs, manufactures, and finances agricultural and construction equipment through internationally recognized brands including Case IH, New Holland, and STEYR.
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 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 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. 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. 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 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 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. 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. 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. 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. 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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