UPDATE: Bank of America Merrill Lynch Reiterates Neutral Rating, Raises PT on Caterpillar
In a report published Wednesday, Bank of America Merrill Lynch reiterated its Neutral rating on Caterpillar (NYSE: CAT), and raised its price target from $92.00 to $100.00.
BofA Merrill Lynch noted, “As the global leader, CAT is a global powerhouse in mining, construction, and power systems equipment. CAT is very well positioned for the long-term, but the slower earnings trajectory that we foresee in coming years due to fading momentum in mining equipment demand and a softer construction equipment outlook will likely limit the stock's multiple expansion potential, in our view.”
Caterpillar closed on Tuesday at $94.54.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.