Wells Fargo Removes Caterpillar (CAT) From Priority Stock List; Cuts Estimates After Lackluster Checks
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Price: $87.67 +1.03%
Rating Summary:
15 Buy, 8 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Rating Summary:
15 Buy, 8 Hold, 1 Sell
Rating Trend: = Flat
Today's Overall Ratings:
Up: 11 | Down: 35 | New: 23
Trade CAT Now!
Wells Fargo maintains an 'Outperform' on Caterpillar (NYSE: CAT), but removes from Priority Stock List. PT range lowered from $127-130 to $99-102.
Analyst, Andrew Casey, said, "After a lackluster channel check, continued macroeconomic concerns, and strengthening dollar, we have cut our estimates and valuation range. We continue to expect growth but at a slower than previously forecast pace that could lead CAT to modify H2 2012 through 2013 production schedules...Recent channel check suggests mining order to delivery lead times appear to remain relatively robust, but other parts of CAT's business are realizing modest order to delivery lead time compression...We have decreased our Q2 2012E to $2.25 from $2.45 (consensus $2.33), 2012E to $9.05 from $9.75 (consensus $9.66), and 2013E to $9.80 from $11.25 (consensus $11.30)."
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 $86.79 yesterday, with a 52 week range of $67.54-$116.95.
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Analyst, Andrew Casey, said, "After a lackluster channel check, continued macroeconomic concerns, and strengthening dollar, we have cut our estimates and valuation range. We continue to expect growth but at a slower than previously forecast pace that could lead CAT to modify H2 2012 through 2013 production schedules...Recent channel check suggests mining order to delivery lead times appear to remain relatively robust, but other parts of CAT's business are realizing modest order to delivery lead time compression...We have decreased our Q2 2012E to $2.25 from $2.45 (consensus $2.33), 2012E to $9.05 from $9.75 (consensus $9.66), and 2013E to $9.80 from $11.25 (consensus $11.30)."
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 $86.79 yesterday, with a 52 week range of $67.54-$116.95.
Join StreetInsider.com FREE and get immediately alerted when news breaks on your stocks and other market items - JOIN NOW
*NEW - Download StreetInsider's FREE iPhone and iPad App - Click Here
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