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Citi Slashes Caterpillar Price Target By $20

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Following a move last week by Jefferies, Citi Research has slashed Caterpillar Inc.'s (NYSE: CAT) price target from $110 to $90. By comparison, Jefferies price target is at $85.

The stock recently traded at $83.46, down 0.5 percent on the day.

Caterpillar has begun cutting jobs, announcing earlier this month it would close plants in Decatur and East Peoria with 200 employees. In addition, the company will decide in March whether to offshore jobs from Joliet to Mexico.

The analysts may not be convinced these cost-cutting maneuvers will amount to meaningful progress for the stock. Neither are shareholders, who have sold the stock off by 18 percent since its November highs.

Latest Ratings for CAT

DateFirmActionFromTo
Jul 2017CitigroupMaintainsNeutral
Jul 2017BMO CapitalUpgradesMarket PerformOutperform
Jun 2017Deutsche BankDowngradesBuyHold

View More Analyst Ratings for CAT
View the Latest Analyst Ratings

Posted-In: CitiAnalyst Color Price Target Analyst Ratings

 

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