Bank of America Reiterates Neutral Rating, $104 PT 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 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.