ASTE - Baird's construction/industrial look sees 2021 not as bad as feared speeding up in 2022

Yesterday, Wells Fargo took a swing at the diversified industrial sector headed into 2021, expecting winners this year to "remain winners" in 2021, with more room to run for its picks (particularly Roper). Baird is out today with a look at machinery and diversified industrials, with an eye to U.S. construction that could be "better than feared" next year - with a likely reacceleration in 2022. Overall, the firm sees a "modest" decline in put-in-place construction spending next year, with Residential as a key activity stabilizer offsetting a decline in Private Nonresidential (8%-plus growth for Residential next year, against a decline of about 11% in Private Nonresidential). Meanwhile, Public Construction is likely to see a modest contraction in 2021, but with room for upside in the second half and into 2022, depending on policy choices in the new Congress. In Private Nonresidential, peak drag is likely to hit in the

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Baird's construction/industrial look sees 2021 not as bad as feared, speeding up in 2022