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CAT

Caterpillar

$139.40

-0.52 (-0.37%)

06:17
04/04/19
04/04
06:17
04/04/19
06:17

Caterpillar may see downside in 2020 on slower replacement demand, says UBS

UBS analyst Steven Fisher kept his Sell rating and $125 price target on Caterpillar. The analyst notes that while the findings of UBS's China Industrial team suggest a "faster than expected recovery in construction activities" along with stronger than expected sales following the Chinese New Year, the company may see a softening replacement demand in 2020 after acceleration in 2019.

  • 12

    Jun

CAT Caterpillar
$139.40

-0.52 (-0.37%)

03/15/19
OTRG
03/15/19
DOWNGRADE
OTRG
Negative
Caterpillar downgraded to Negative following checks at OTR Global
OTR Global downgraded Caterpillar to Negative from Mixed following equipment deal checks that indicate global order growth has "tapered" during Q1 and used equipment prices have moderated.
04/03/19
DBAB
04/03/19
DOWNGRADE
DBAB
Hold
Caterpillar downgraded to Hold from Buy at Deutsche Bank
Deutsche Bank analyst Chad Dillard downgraded Caterpillar to Hold from Buy.
04/03/19
DBAB
04/03/19
DOWNGRADE
Target $128
DBAB
Hold
Deutsche Bank downgrades Caterpillar ahead of negative backlog growth
Deutsche Bank analyst Chad Dillard downgraded Caterpillar to Hold from Buy and lowered his price target for the shares to $128 from $152. The stock in premarket trading is down 1%, or $1.50, to $138.69. The biggest risk to the bull case for Caterpillar is if its backlog growth turns negative, "and it is becoming increasingly clear that it will within this next quarter," Dillard tells investors in a research note. Negative backlog growth historically precedes a negative earnings revision cycle by three months, the analyst points out. He notes that consensus estimates during these cycles typically get cut by 45% and the shares fall by 40% from the peak. Synchronized global growth "has collapsed," the China Land Cycle is "rolling over" and will continue to weaken, Europe is slowing more than expected and the U.S. is "oversaturated with construction equipment," according to Dillard.
04/03/19
04/03/19
DOWNGRADE

Fly Intel: 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 Chad Dillard saying the biggest risk to the bull case for Caterpillar is if its backlog growth turns negative, "and it is becoming increasingly clear that it will within this next quarter." 2. Dunkin' Brands (DNKN) downgraded to Market Perform from Outperform at BMO Capital with analyst Andrew Strelzik saying that while he remains positive on the company's underlying fundamentals over the long term, he sees risk/reward at current levels as "less persuasive." 3. Tallgrass Energy (TGE) downgraded to Neutral from Buy at Goldman Sachs with analyst Michael Lapides citing the stock's recent outperformance and also warns that its Rockies Express Pipeline natural gas pipeline and Pony Express crude oil pipeline contract roll-offs pose "overhangs," even though the "volume growth out of Bakken, Niobrara, and Powder River Basin could offset this over time." 4. Walgreens Boots Alliance (WBA) downgraded to Hold from Buy at Loop Capital with analyst Andrew Wolf citing the company's disappointing Q2 earnings and FY19 guidance announced yesterday "driven by significantly lower-than-forecasted gross margin resulting from increased pharmacy reimbursement rate pressure in the U.S." 5. Alcoa (AA) downgraded to Neutral from Buy at BofA/Merrill with analyst Timna Tanners saying she now sees limited free cash flow payments by Alcoa to upstream AWAC joint-venture partner Alumina Ltd, potential excess alumina/bauxite supply, and potential price risks from the Alunorte refinery restarting, the world's largest refinery. 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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XLF

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MMM

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$NSD

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MMM

3M

$195.20

-24.04 (-10.97%)

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$NYE

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MMM

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MAS

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AAN

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WAB

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OIS

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ASPN

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NWL

Newell Brands

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11:50
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General news
U.S. Treasury tax receipts continue to surge »

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