2022-07-07 10:06:01 CAT Caterpillar
07/07/22 07/0710:06 07/07/2210:06 | Caterpillar price target lowered to $190 from $225 at CitiCiti analyst Timothy Thein lowered the firm's price target on Caterpillar to $190 from $225 and keeps a Neutral rating on the shares. Lead indicators and other macro variables are "sending too strong a message that a downturn is coming" in machinery, Thein tells investors in a research note. The analyst cut estimates and targets "across the board" but says near-term estimates "should be largely insulated" due to high backlogs and embedded pricing. While the market has priced in some form of a recession, history suggests the potential for further downside, Thein writes in a note previewing the Q2 earnings reports. However, he upgraded Deere (DE) to Buy as he sees a "2:1 upside/downgrade case" from current share levels. Thein recommends skewing towards larger cap names and upgraded Deere while downgrading Oshkosh (OSK). |
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