Fly News Breaks for February 3, 2020
Feb 3, 2020 | 08:16 EDT
Baird analyst Mig Dobre said the more he dug into the Caterpillar 2020 guidance, he attained a higher conviction in his buy call. The analyst said he remains a buyer of Caterpillar shares and reiterated it as a top pick. He noted the near-term is challenging and the first half of the year will see weak revenue and earnings declines but he thinks management appropriately reset expectations and the stock is set up for a solid 2021 rebound. Dobre reiterated his Outperform rating and $185 price target on Caterpillar shares.
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