Citi Slashes Caterpillar Price Target By $20
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
|Feb 2017||Evercore ISI Group||Upgrades||Hold||Buy|
|Jan 2017||Wells Fargo||Upgrades||Market Perform||Outperform|
© 2017 Benzinga.com. Benzinga does not provide investment advice. All rights reserved.