OTR Global estimates Caterpillar Q3 global new equipment sales to be flat to up 3% year-over-year and for global new equipment orders to be down 4%-7%, based on its checks, according to contacts. The firm noted this is the first year-over-year decline it has seen since 4Q16 in terms of new orders, according to contacts.

TD Cowen analyst Matt Elkott raised the firm's price target on Caterpillar to $340 from $338 and keeps a Buy rating on the shares. The firm updated its model to reflect the 1Q beat partly offset by a slightly more tempered outlook for the remainder of the year.

Stifel downgraded Caterpillar to Hold from Buy with a price target of $350, up from $293, after the company reported Q1 results. The firm noted that Q1 sales were "modestly" below expectations, though EBIT and EPS were ahead of consensus estimates. Results also reflected weaker end user sales, the analyst tells investors in a research note.

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Still does not expect significant change in machine dealer inventory compared to 2023. Still expects 2024 full-year adjusted operating profit margin to be in the top half of the updated target range relative to the expected corresponding level of sales and revenues. Still expects 2024 full-year ME&T free cash flow to be in the top half of the updated target range. Still anticipates another year of services growth.

Sees Q2 dealer inventories of machines down year-over-year. Expects Q2 price realization to remain favorable vs, last year. Sees Q2 adjusted operating profit margin similar to 2Q23. Guidance taken from Q1 investor presentation slides.

Reports Q1 revenue $15.8B, consensus $16.04B. "I'm pleased with our team's performance that resulted in higher adjusted operating profit margin, record adjusted profit per share and strong ME&T free cash flow. Our strong balance sheet and ME&T free cash flow allowed us to deploy a record $5.1 billion of cash for share repurchases and dividends in the first quarter," said Chairman and CEO Jim Umpleby. "We continue to execute our strategy for long-term profitable growth."

Notable companies reporting before tomorrow's open, with earnings consensus, include Merck (MRK), consensus $1.87... Caterpillar (CAT), consensus $5.14... Comcast (CMSCA), consensus 99c... Honeywell (HON), consensus $2.17... Bristol-Myers (BMY), consensus ($4.44)... Altria (MO), consensus $1.15... Keurig Dr. Pepper (KDP), consensus 35c... GE Vernova (GEV), consensus (37c)... Royal Caribbean (RCL), consensus $1.33... Tractor Supply (TSCO), consensus $1.72... Mobileye (MBLY), consensus (6c)... Textron (TXT), consensus $1.23... LabCorp (LH), consensus $3.48... Southwest Airlines (LUV), consensus (34c)... American Airlines (AAL), consensus (29c)... Harley-Davidson (HOG), consensus $1.51.