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CAT

Caterpillar

$103.76

-0.08 (-0.08%)

11:08
06/23/17
06/23
11:08
06/23/17
11:08

As bar gets raised Deutsche Bank gets less bullish on Caterpillar

Deutsche Bank downgraded Caterpillar (CAT) to Hold from Buy, saying that a mining recovery is already anticipated by investors while the outlook for the company's energy business has become less certain. MINING RECOVERY REFLECTED: The recovery in Caterpillar's mining aftermarket business is already widely expected by investors and reflected in the stock, wrote Deutsche Bank analyst Nicole DeBlase. Moreover, after rising significantly, analysts' consensus estimate now calls for Caterpillar's earnings per share to rise at a 23% compound annual growth rate, DeBlase reported. DeBlase noted that the consensus forecast is now in-line with her own outlook. ENERGY WEAKNESS: Previously, DeBlase had expected Caterpillar's oil and gas unit to enable the company's overall EPS to beat expectations, she wrote. However, the recent downturn in energy prices has made her less sure of that view, she stated. LAST 'BEAT AND RAISE' IN 2017: DeBlase believes that Q2 will be the "last significant beat and raise" report that Caterpillar will deliver in 2017. DeBlase lowered her price target on the shares to $106 from $121. PRICE ACTION: In morning trading ,Caterpillar was fractionally lower at $103.48.

CAT Caterpillar
$103.76

-0.08 (-0.08%)

06/20/17
BOFA
06/20/17
NO CHANGE
Target $120
BOFA
Buy
Caterpillar upward EPS revisions should be upcoming, says BofA/Merrill
BofA Merrill Lynch analyst Ross Gilardi noted that Caterpillar reported retail sales accelerated to an increase of 8% for the three-month period trailing May. Given the data suggesting revenue growth has accelerated, he views earnings risks as "skewed squarely to the upside" and sees potential for a "material" increase in earnings guidance with Caterpillar's Q2 report. Gilardi keeps a Buy rating and $120 price target on Caterpillar shares.
06/22/17
WELS
06/22/17
NO CHANGE
WELS
Earthmoving market trends positive, says Wells Fargo
After speaking with 20 "U.S. earthmoving market participants," including Caterpillar (CAT) and Deere (DE), Wells Fargo says that the market appears to be "tightening." Wells says that activity in "most regions" showed "broad-based improvement" through Q2. Wells adds that manufacturers seem to have trouble keeping up with demand. Wells says its checks bode well for Caterpillar, Deere, Cummins (CMI), Eaton (ETN) and Parker-Hannifin (PH). It keeps Outperform rating on Caterpillar and Cummins.
06/23/17
DBAB
06/23/17
DOWNGRADE
Target $106
DBAB
Hold
Caterpillar downgraded to Hold on rising expectations at Deutsche Bank
Deutsche Bank analyst Nicole DeBlase downgraded Caterpillar to Hold from Buy telling investors risks are skewed to the downside as consensus estimates have risen and the recovery in mining A/M and incremental cross-cycle margin improvement are reflected in expectations. DeBlase expects Caterpillar to deliver another substantial earnings beat in Q2 but said the scope of earnings revisions for the second half have diminished. As a result, the analyst sees risk of multiple contraction and lowered Caterpillar's price target to $106 from $121.
06/23/17
06/23/17
DOWNGRADE

On The Fly: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Caterpillar (CAT) downgraded to Hold from Buy at Deutsche Bank with analyst Nicole DeBlase saying risks are skewed to the downside as consensus estimates have risen and the recovery in mining A/M and incremental cross-cycle margin improvement are reflected in expectations. 2. Hain Celestial (HAIN) downgraded to Neutral from Overweight at JPMorgan with analyst Ken Goldman saying fundamentals have worsened more than feared and guidance seems "slightly" optimistic. 3. Baker Hughes (BHI) downgraded to Hold from Buy at Tudor Pickering. 4. Tanger Factory (SKT) downgraded to Underperform from Neutral at BofA/Merrill with analyst Craig Schmidt citing increased concerns about the moderate outlet space. 5. EnerNOC (ENOC) was downgraded to Market Perform from Outperform at Raymond James and to Neutral from Outperform at Baird. This list is just a portion of The Fly's full analyst coverage. To see The Fly's full Street Research coverage, click here.

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