It didn’t take long for Wall Street analysts to begin trimming future forecasts for equipment giant Caterpillar (CAT) following management’s gloomy outlook days ago.
This morning it was Citigroup coming out and lowering its estimates for Caterpillar through the full-year 2013. The analyst has the stock rated as a neutral, as well as a $92 price target.
It has been a volatile year for the shares, hitting all-time highs of $116 a share back in February, but have since backtracked and are down 4% YTD.
The Bottom Line
Shares of Caterpillar (CAT) have a 2.39% dividend yield, based on last night’s closing stock price of $86.92. The stock has technical support in the $80-$83 price area. If the shares can firm up, we see overhead resistance around the $90-$92 price levels.
Caterpillar (CAT) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.3 out of 5 stars.
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