Baird analyst Mircea Dobre downgraded Caterpillar (CAT) to Neutral from Outperform saying the case for a bookings rebound over the next couple of quarters "has become difficult." China macro volatility has resulted in another leg down for commodities, making upside from Caterpillar's Resources business "increasingly unlikely," Dobre tells investors in a research note. Joy Global (JOY) yesterday confirmed further deterioration and little visibility going forward in the mining replacement space, the analyst adds. Dobre cut Caterpillar's price target to $77 from $89. The manufacturer of construction and mining equipment closed yesterday down $1.71 to $74.39 after Joy Global cut its 2015 outlook.