Goldman Sachs Lowers PT on Caterpillar (CAT)

June 5, 2013 1:52 PM EDT
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Price: $93.38 +0.05%

Rating Summary:
    11 Buy, 19 Hold, 4 Sell

Rating Trend: Up Up

Today's Overall Ratings:
    Up: 23 | Down: 34 | New: 34
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Goldman Sachs today maintained a Neutral rating on Caterpillar (NYSE: CAT) and trimmed its price target to $97.00 (from $100.00). Analysts also lowered 2013-15 estimates by 10%.

"We maintain our Neutral rating as our constructive view of CAT's strong returns profile and exposure to a recovery in global construction capex (31% of sales) are balanced by limited cyclical upside in its core Power Systems markets (33%) and soft mining capex (34%)," said analyst Jerry Revich.

Comments were part of broader coverage on machinery and mining.

"While aftermarket demand remains relatively resilient, mining company cost containment efforts are driving reduced per ton mining costs, and as a result we reduce our aftermarket sales forecasts by 7% in 2013-15," added the analyst.

For an analyst ratings summary and ratings history on Caterpillar click here. For more ratings news on Caterpillar click here.

Shares of Caterpillar closed at $85.92 yesterday.

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