In a report published Wednesday, Jefferies analyst Stephen Volkmann reiterated a Hold rating on Caterpillar CAT, but lowered the price target from $95.00 to $75.00.
In the report, Volkmann noted, “We are lowering our 2013/2014 and introducing a 2015 earnings estimate well below current consensus forecasts. With miner capital spending plans indicating a multi-year decline, we are projecting three years of minimal earnings growth as lower mining offsets growth in construction. We maintain our Hold rating and are reducing our PT to $75 on the reduced forecast.”
Caterpillar closed on Tuesday at $82.61.
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