NEW YORK (AP) ¿ Shares of heavy equipment makers rose Monday after RBC Capital Markets initiated coverage on many companies in the sector with positive ratings due in part to the firm's outlook on the global commodities cycle.
Analyst Seth Weber started the following companies at "Outperform," the highest rating:
¿ mining equipment manufacturers Bucyrus International Inc. and Joy Global Inc.
¿ mining and construction equipment giant Caterpillar Inc.¿ Mueller Water Products Inc., which makes fire hydrants, valves and iron pipes ¿ construction-equipment rental company RSC Holdings Inc. and United Rentals Inc. ¿ heavy equipment maker Terex Corp. "We have a favorable view of the commodities cycle and mining machinery is our preferred way to participate," Weber wrote in a note to investors Monday. He also said the strong global presence of Bucyrus and Caterpillar, especially in emerging markets, should help sales soon.