UPDATE: Morgan Stanley Reiterates On Caterpillar Inc. Following Investor Dinner

In a report published Tuesday, Morgan Stanley analyst Nicole DeBlase reiterated an Equal-Weight rating on

, but removed the $100.00 price target. In the report, Morgan Stanley noted, “Resource was the hot topic of discussion, but not much has changed. Customers continue to prolong the rebuild/repair cycle, although a pickup in segment demand is more likely to come from A/M than OE. The good news is that another material step down is unlikely, and FY14 segment margins are likely to represent the cycle trough; once volumes start to come back, incrementals should be ‘very good' given substantial cost takeout. Moreover, CAT is not seeing incremental pricing pressure, neither on the OE nor the A/M side of the business.” Caterpillar closed on Monday at $104.86.