Construction and mining equipment maker Caterpillar Inc. (CAT) on Wednesday saw its price target and earnings estimates lowered by analysts at UBS.
The firm maintained its “Neutral” rating on CAT but cut its price target to $93. That new target implies a potential 8.5% upside to the stock’s Tuesday closing price of $85.70.
UBS also cut its earnings estimates for CAT, citing sluggish growth forecasts int he construction industry as well as costs associated with the company’s acquisitions of Bucyrus International.
Caterpillar shares rose $1.65, or +1.9%, in premarket trading Wednesday.
The Bottom Line
Shares of Caterpillar (CAT) have a 2.15% dividend yield, based on last night’s closing stock price of $85.70. The stock has technical support in the $80-$83 price area. If the shares can firm up, we see overhead resistance around the $90-$91 price levels.
Caterpillar Inc. (CAT) is not recommended at this time, holding a Dividend.com DARS™ Rating of 3.4 out of 5 stars.
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