Caterpillar (CAT): Earnings Preview - Jefferies
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Jefferies analyst, Stephen Volkmann, reiterated his Hold rating on shares of Caterpillar (NYSE: CAT) noting that continued weak retail sales could pressure the top-line and drive further inventory reduction into year-end.
CAT is expected to provide 2017 revenue guidance and the analyst is currently modeling flat to down 5%, below consensus of down 2%. Profitability discussions are expected to be in 4Q, however, CAT earnings are likely to be range bound until commodity prices recover and equipment fleets age.
No change to the price target of $80.
Shares of Caterpillar closed at $87.29 yesterday.
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