UPDATE: JP Morgan Raises PT to $100 on Caterpillar Following Q4 Conference Call
JP Morgan reiterated its Neutral rating on Caterpillar (NYSE: CAT) and raised its price target from $98.00 to $100.00.
JP Morgan said, "2013 outlook calls for global GDP of >=2.5% vs. 2.3% in 2012 with China reaccelerating; CAT is forecasting 8.5% growth in the region, however management remains cautious on when the improved macro turns positive for equipment as excess inventory as well as customer hesitancy remain a headwind. … We are increasing our YE'13 price target from $98 to $100. Given the ongoing macro uncertainty and limited near-term upside across several of its end-markets, we believe CAT shares will likely now trade based on 2014E EPS."
Caterpillar closed at $95.58 on Monday.
(c) 2013 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.
Tags: JP Morgan