Wells Fargo Downgrades Caterpillar (CAT) to Market Perform; Adjusting Estimates And Valuation Range
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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 downgraded Caterpillar (NYSE: CAT) from Outperform to Market Perform with a price target range $88-$90 (from $99-$102).
Analyst, Andrew Casey, said, "We continue to believe that CAT is positioned well for future reacceleration of developing market growth. However, we don't have good visibility on catalysts that will make the stock outperform the overall market sustainably in the near- to midterm, and expect reduced valuation multiples in light of increased uncertainty related to near and mid-term earnings power."
"On the Q2 2012 $0.29 outperformance vs. our expectations and modestly increased H2 2012 expectations, we are increasing our Q3 2012E to $2.18 from $2.15 and 2012E to $9.45 from $9.05."
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 $82.60 yesterday, with a 52 week range of $67.54-$116.95.
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Analyst, Andrew Casey, said, "We continue to believe that CAT is positioned well for future reacceleration of developing market growth. However, we don't have good visibility on catalysts that will make the stock outperform the overall market sustainably in the near- to midterm, and expect reduced valuation multiples in light of increased uncertainty related to near and mid-term earnings power."
"On the Q2 2012 $0.29 outperformance vs. our expectations and modestly increased H2 2012 expectations, we are increasing our Q3 2012E to $2.18 from $2.15 and 2012E to $9.45 from $9.05."
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 $82.60 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
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