Credit Suisse reiterated its Outperform rating on Caterpillar (NYSE: CAT) but lowered its price target from $117 to $108.

Credit Suisse noted, "CAT's stock held up yesterday on low expectations despite lowering 2012 EPS and providing its first take on 2013, calling for a "flattish" sales year. However, CAT continues to execute, address its inventory issue and, more importantly, maintains its positive view on global growth over the long term, implying 2013 is just a mid-cycle pause. … Despite investor concerns, mining does not appear to be falling apart, noting there haven't been more material cancellations and calling for 2013 mining capex to be down ~5-10%. We lower our 2012-2015 est.'s to $9.25 (from $9.60), $8.65 (from $10.50), $9.90 (from $11.20) and $11.90. Our $108 PT (from $117) is 11.5x our 2015 est., discounted back, and we reiterate our Outperform rating." Caterpillar closed at $85.08 on Monday.