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CAT

Caterpillar

$122.62

3.27 (2.74%)

06:55
10/11/19
10/11
06:55
10/11/19
06:55

Caterpillar price target lowered to $149 after dealer survey at Credit Suisse

Credit Suisse analyst Jamie Cook said 35% of Caterpillar dealers surveyed by the firm cited risks, albeit modest, to full year estimates, while the rest reiterated prior forecasts calling for demand to be flat to up 5%. In the U.S., used pricing remains fairly stable and dealer inventory is slightly elevated in certain regions, Cook said he found. For 2020, however, the outlook is now seen as worse, projected to be down 5%-10% compared to last quarter's forecast of flat to down 5%, the analyst noted. He lowered his FY19-FY21 EPS forecasts in response to the further deterioration in the survey results and weaker industrial data more broadly, causing him to cut his price target for Caterpillar shares to $149 from $165. Cook keeps an Outperform rating on Caterpillar.

  • 23

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  • 04

    Nov

CAT Caterpillar
$122.62

3.27 (2.74%)

09/12/19
09/12/19
DOWNGRADE

Fly Intel: Top five analyst downgrades
Catch up on today's top five analyst downgrades with this list compiled by The Fly: 1. Square (SQ) assumed with a Hold from Buy at Canaccord with analyst Joseph Vafi saying the stock will continue to react to changes in payment volume growth, which has been showing steady deceleration. 2. Deere (DE) and Caterpillar (CAT) were downgraded to Market Perform from Outperform at Wells Fargo. 3. Prudential (PRU) downgraded to Buy from Conviction Buy at Goldman Sachs with analyst Alex Scott saying Voya Financial (VOYA) has a better ability to beat earnings estimates in the near term as well as in 2020 and 2021 relative to Prudential. 4. Invesco (IVZ) downgraded to Neutral from Overweight at JPMorgan with analyst Kenneth Worthington saying continued Oppenheimer outflows "show few signs of slowing," making it unlikely for the stock to outperform despite a cheap valuation. 5. DXC Technology (DXC) was downgraded to In Line from Outperform at Evercore ISI and to Neutral from Positive at Susquehanna. This list is just a portion of The Fly's analyst coverage. To see The Fly's full Street Research coverage, click here.
09/19/19
OTRG
09/19/19
NO CHANGE
OTRG
Caterpillar global new equipment orders seen down in Q3, says OTR Global
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.
09/24/19
SBSH
09/24/19
NO CHANGE
Target $145
SBSH
Buy
Caterpillar price target lowered to $145 from $150 at Citi
After speaking with field contacts, Citi analyst Timothy Thein reduced his out-year estimates for Caterpillar to reflect softer domestic upstream energy spend and a stronger U.S. dollar. The analyst, whose estimates are now closer to current buy-side expectations, also reduced his price target for Caterpillar shares to $145 from $150. While the field tone remains constructive on the near-term given strength in traditional core markets and contractor optimism, an "element of caution has crept-in to plans" for 2020, with most expecting some moderation in retail activity following back-to-back record years for many dealers, Thein tells investors in a research note. However, he keeps a Buy rating on Caterpillar shares.
10/08/19
WBLR
10/08/19
NO CHANGE
WBLR
Market Perform
Caterpillar estimates slashed below consensus at William Blair
William Blair analyst Lawrence De Maria lowered his 2019 earnings per share estimate for Caterpillar to $11.25 from $12.30 and 2020 estimate to $10.75 from $12.60. The consensus estimates for 2019 and 2020 are $11.80 and $12.14, respectively. The analyst sees Caterpillar shares trading in a roughly $110 to $120 range, with potential for "further downside should inventory not be corrected and the market weakens further." The North American construction market has weakened and further production cuts are probably necessary to align to retail demand, De Maria tells investors in a research note. This is due to a combination of weak construction data, cyclical peaks in key end markets, and to a lesser extent, the ongoing trade war, says the analyst. He keeps a Market Perform rating on Caterpillar ahead of the company's Q3 results on October 23. The company typically sets the tone for the earnings season "which is unlikely to be positive," says De Maria.

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SPXC

SPX Corporation

$41.39

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ULTA

Ulta Beauty

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