UPDATE: Credit Suisse Reiterates Outperform Rating, Lowers PT on Caterpillar as US Markets Remain Bright Spot

In a report published Wednesday, Credit Suisse analyst Jamie Cook reiterated an Outperform rating on

, but lowered the price target from $119.00 to $108.00. In the report, Credit Suisse noted, “For 2014, 95% of the dealers we surveyed met their forecasts with markets up in the low double digits on average. For 2015, sales are expected flat to up 5% y/y, albeit most dealers tend to guide conservatively. Machine sales remain strong helped by dealers building out their rental fleets and the broader housing recovery. Comm'l construction continues to see pockets of strength but it remains very regional. In markets like the Northeast, which typically leads recoveries and recessions, the comm'l construction recovery was cited as broadening. Power systems are healthy as well. Oil & gas markets remain solid, although growth is expected to moderate in 2H'15. Used equipment pricing remains healthy and dealer inventory levels are fine, with the exception of mining. Dealers maintain lead times are too long. Pricing remains competitive.” Caterpillar closed on Tuesday at $92.80.