Caterpillar Given “Neutral” Rating at Bank of America (CAT)
“We are hosting the BofA Global Industrials conference in London this week. Caterpillar is not in attendance, but we met with several of CAT’s Nordic-based mining equipment competitors including Atlas Copco, Sandvik, and Metso. The overall tone of the meetings was cautious with respect to mining equipment demand. CAT has rolled over sharply in recent weeks, and risk reward feels more balanced at 10.9x 2013 EPS. That said, contrary to Buy rated Deere, we see growing risks to the 2013 EPS outlook as new mining equipment orders may take longer than expected to materialize.,” the firm’s analyst wrote.
Caterpillar (NYSE: CAT) traded up 0.51% on Wednesday, hitting $87.27. Caterpillar has a 52-week low of $86.42 and a 52-week high of $90.02. The stock’s 50-day moving average is currently $88.0. The company has a market cap of $57.166 billion and a price-to-earnings ratio of 10.24.
Other equities research analysts have also recently issued reports about the stock. Analysts at Standpoint Research initiated coverage on shares of Caterpillar in a research note to investors on Wednesday. They set a buy rating on the stock. Separately, analysts at ISI Group reiterated a strong-buy rating on shares of Caterpillar in a research note to investors on Monday. They now have a $119.00 price target on the stock. Finally, analysts at TheStreet reiterated a buy rating on shares of Caterpillar in a research note to investors on Monday.
One investment analyst has rated the stock with a sell rating, eight have assigned a hold rating, eleven have given a buy rating and one has assigned a strong buy rating to the company. The stock currently has an average rating of Buy and a consensus price target of $105.73.
Caterpillar Inc. (NYSE: CAT) is a manufacturer of construction and mining equipment, diesel and natural gas engines, industrial gas turbines and diesel-electric locomotives.
Get Analysts' Upgrades and Downgrades via Email - Stay on top of analysts' coverage with Analyst Ratings Network's FREE daily email newsletter that provides a concise list of analysts' upgrades and downgrades. Click here to register now.