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Fly News Breaks for September 18, 2017
CAT
Sep 18, 2017 | 05:56 EDT
UBS analyst Steven Fisher upgraded Caterpillar to Buy and raised his price target for the shares to $140 from $116. The manufacturer of construction and mining equipment closed Friday up 89c to $121.37. The analyst says his firm's latest analysis of private non-residential construction ex-Power shows a re-acceleration in activity in Q4 and mid-single digit growth into 2018. A continuation of the earnings upcycle and Caterpillar's growing cash position will drive upside to earnings and returns, Fisher tells investors in a research note. He thinks the company's cash story is "particularly underappreciated." The analyst expects Caterpillar to generate nearly $10B of cash flow after capex and dividends between 2018 and 2020.
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