Construction and mining equipment maker Caterpillar Inc. (CAT) on Friday saw its price target and earnings estimates cut by analysts at Credit Suisse.
The firm maintained its “Outperform” rating on CAT but lowered its price target to $120. That new target still suggests a massive 50% upside to the stock’s Thursday closing price of $79.64.
Credit Suisse also cut its earnings estimates through 2014, citing results of a recent dealer survey that indicate slower potential growth.
Caterpillar shares posted small gains in premarket trading Friday.
The Bottom Line
Shares of Caterpillar (CAT) have a 2.61% dividend yield, based on last night’s closing stock price of $79.64. The stock has technical support in the $75 price area. If the shares can firm up, we see overhead resistance around the $85-$87 price levels.
Caterpillar Inc. (CAT) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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