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CAT

Caterpillar

$131.04

1.89 (1.46%)

07:29
10/18/19
10/18
07:29
10/18/19
07:29

Morgan Stanley downgrades Caterpillar, sees 2020 declines for two biggest units

As previously reported, Morgan Stanley analyst Courtney Yakavonis downgraded Caterpillar to Equal Weight from Overweight with a price target of $145, down from $150. She believes that the U.S. Construction Equipment market peaked in 2019 and that Energy & Transportation, or E&T, markets will fail to re-accelerate in 2020, leading Yakavonis to now expect negative growth in the company's two largest business segments in 2020 as well as less upside in Resources. Her sales and EPS estimates are 4% and 2%, respectively, below consensus, and her updated estimates now call for a mild year-over-year earnings decline in 2020, Yakavonis tells investors.

  • 23

    Oct

  • 04

    Nov

CAT Caterpillar
$131.04

1.89 (1.46%)

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.
10/11/19
FBCO
10/11/19
NO CHANGE
Target $149
FBCO
Outperform
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.
10/18/19
MSCO
10/18/19
DOWNGRADE
Target $145
MSCO
Equal Weight
Caterpillar downgraded to Equal Weight from Overweight at Morgan Stanley
Morgan Stanley analyst Courtney Yakavonis downgraded Caterpillar to Equal Weight from Overweight with a $145 price target.

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BMY

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QURE

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FTSV

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AQST

Aquestive Therapeutics

$8.02

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APRE

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BPMC

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DY

Dycom

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IMV

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FATE

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STOK

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AUTL

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