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Caterpillar (CAT) PT Lowered to $454 at Truist Securities
October 30, 2024 4:35 PM EDTTruist Securities analyst Jamie Cook lowered the price target on Caterpillar (NYSE: CAT) to $454.00 (from $456.00) while maintaining a Buy rating.
The analyst comments "Thoughts Post Call: CATs stock closed down 2% (vs S&P 500 ~flat) after missing 3Q24 consensus EPS by 3% although reporting an in line quarter relative to mgmts expectations. Results also included $0.19 in FX headwinds that were not contemplated in CATs original guide, $0.11 in discrete tax benefits and a $0.24 benefit from share repurchase. Third quarter sales were $16.106B, down 4% y/y, slightly lower than management expectations driven by lower Construction... More
