ISI Group analyst David Raso published a report on Caterpillar 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.
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