Bank of America Reiterates Neutral on Caterpillar on Weak February Sales
In a report published Wednesday, Bank of America analyst Ross Gilardi reiterated a Neutral rating and $104.00 price target on Caterpillar (NYSE: CAT).
In the report, Gilardi noted, “Caterpillar released its Caterpillar released its trailing 3-month Dealer Statistics for February. World machine sales declined 13%, compared to the 4% decline in January. February marks the lowest growth rate in 35 months. Total engine sales declined 7%, in line with the 7% decline in the prior month. In our view, the data suggests that February's end-user demand was particularly weak relative to December and January.”
Caterpillar closed on Tuesday at $88.27.
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