Citi Maintains 'Buy' Rating on Caterpillar (CAT), Poster Child for Our Sector Thesis
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Citi maintains a 'Buy' rating on Caterpillar (NYSE: CAT). Price target $106.
Citi analyst says, "Amid constant Street/media negativity, our fieldwork so far this quarter (some positive, some negative from various trips) leaves us comfortable with our above consensus ests for CAT & that CAT, if they were to provide ‘09 guidance today would guide for another yr of EPS growth (CAT gives initial ‘09 guidance in Oct). We’ll see what our future checks produce but with our current feedback, CAT still the poster child for our sector thesis of “no down EPS yr despite developed economies’ downturn, leading to sector revaluation higher.â€
Caterpillar Inc. operates in three principal lines of business: Machinery, Engines and Financial Products.
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