Jefferies Slashes Numbers on Caterpillar (CAT) Ahead of Q1

April 17, 2013 7:30 AM EDT Send to a Friend
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Jefferies lowered estimates and its price target on Caterpillar (NYSE: CAT) from $95 to $75 ahead of Q1 earnings on 4/22. The firm maintained a Hold rating.

"We are lowering our 2013/2014 and introducing a 2015 earnings estimate well below current consensus forecasts. With miner capital spending plans indicating a multi-year decline, we are projecting three years of minimal earnings growth as lower mining offsets growth in construction. We maintain our Hold rating and are reducing our PT to $75 on the reduced forecast."

The firm cut Q1 EPS estimates from $1.40 to $1.35, FY 2013 EPS estimates from $8.10 to $7.40 and FY14 EPS estimates from $8.75 to $7.75.

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 $82.61 yesterday.




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