Market Overview

UPDATE: ISI Group Reiterates $119 PT and Strong Buy Rating on Caterpillar on Solid Performance

Related CAT
Markets Mostly Higher Despite Initial Negative Reaction From FOMC Minutes
Caterpillar July Sales Off 9%; Rate Of Decline Slows
Buyback Mania Inflates 2Q Earnings Growth (Fox Business)

ISI Group analyst David Raso published a report on Caterpillar (NYSE: CAT) that reiterated its Strong Buy rating and lowered the price target from $120 to $119.

ISI Group reported that, “Despite the Machinery sector continues to perform fairly well, investors are currently “fearing the calendar” (buy until May then go away has generally worked for 3 years now) and investors likely need some handholding/reassuring during next month's earnings season, much more than they did in January. Thus CAT stock momentum likely does not return until after the sector breaks through “calendar risk” as not a ton of investors right now want to take on exposure to Machinery's weakest end mkt (mining) amid CAT risk to 1Q and full year guidance. In general, we expect stories with more hair on them won't regain appeal until the calendar risk issue is behind us.”

Shares of Caterpillar closed at $88.83 on Friday.

Posted-In: ISIAnalyst Color Price Target Analyst Ratings


Related Articles (CAT)

Around the Web, We're Loving...

Partner Network

Get Benzinga's Newsletters