UPDATE: Credit Suisse Reduces PT to $120 on Caterpillar on Near-Term Growth Outlook

Credit Suisse reiterated its Outperform rating on Caterpillar CAT and reduced its price target from $138 to $120. Credit Suisse said, "With increasing signs that US growth is moderating and no near term evidence emerging markets are recovering, we lower our FY2012-14 estimates to $9.50, $10.70 and $11.45 (from $9.80, $11.65 and $13.20), respectively. Our new $120 (old $138) TP is 11.5x our 2014 estimate, discounted back." Caterpillar closed at $79.64 on Thursday.