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Fly News Breaks for April 25, 2018
CAT
Apr 25, 2018 | 08:43 EDT
Morgan Stanley analyst Courtney Yakavonis noted that Caterpillar's references yesterday to Q1 results as the "high water mark" for margins and earnings this year sent its shares, as well as other Industrial stocks, into a tailspin and raised questions about whether the market is at the cycle peak. However, she thinks the comment was misinterpreted and was meant in reference to this year, not the cycle. Q2 tends to be the strongest operating income and EPS quarter for Caterpillar on average, but the company was outlining reasons why operating margins should decline sequentially on a consolidated level in Q2, noted Yakavonis, who keeps an Overweight rating and $185 price target on Caterpillar shares.
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