Caterpillar EPS Estimates Slashed Again For 2013 and 2014

Ted Grace, an analyst for Susquehanna, lowers his 2013 EPS estimate to $7.45 from $8.00 and his 2014 EPS estimate to $8.40 from $9.05. Grace lowered his estimates based on conversations with clients and after meetings with Caterpiller CAT, Joy Global JOY and Komatsu. Grace also lowered his price target to $109, from $118 and sees shares range-bound until mining confidence returns. CAT is currently unchanged in pre-market trading.