UPDATE: Raymond James Reduces Caterpillar's PT
According to a research report published earlier today, Raymond James has lowered Caterpillar Inc.'s (NYSE: CAT) PT from $140 to $130.
In the report, Raymond James commented, “February's dealer stats lead us to believe that 1Q12 sales may not be another ‘blow-out' quarter for the company, which has beat expectations for over a year. While solid, February's respective Machinery and Engines sales growth decelerated sequentially to 21% and 13% (from 27% and 22% in January). We believe this can be explained in part by lapping strong y/y comps. We believe it is also due to some sales being pulled forward into 4Q11 before the expiration of certain tax incentives in 2011 and the introduction of Tier 4 standards in 2012. While dealer stats provide a good directional indicator of sales, they cannot, in isolation, predict demand for CAT's product.”
Raymond James maintains its Outperform rating on Caterpillar, which closed yesterday at $110.76.
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