UBS Maintains a 'Neutral' on Caterpillar (CAT); Raising Estimates & Price Target Following 4Q

UBS maintains a 'Neutral' on Caterpillar (NYSE: CAT) price target boosted from $100 to $117.

UBS analyst says, "4Q sales reached a quarterly record $17.2B ($15.9B ex Bucyrus) as Machinery & Power Systems sales rose 36% YoY in 4Q (11% above UBSe), led by 80% YoY growth at Resource Industries (+31% ex Bucyrus) & Construction Industries (+31%)...Reflecting a slightly higher sales outlook over the next few years, we are raising our 2012E, 2013E & 2014E EPS to $9.25, $11.00 & $12.00, from $9.00, $10.85 & $11.58, respectively."

"While we are impressed with CAT’s execution so far this cycle and view favorably the ongoing growth in its end markets, we have a Neutral rating on shares at current valuation."

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 $111.31 yesterday.

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