Caterpillar: No Bull

Baird’s Mircea Dobre and team downgraded Caterpillar (CAT) to Neutral from Outperform today, noting that their “bull thesis [has been] losing ground.” They explain: Daniel Acker/Bloomberg News Downgrading to Neutral as our May upgrade thesis (commodities finding a bottom after ~4 years of decline and mining replacement/aftermarket presenting a potential source of upside) is failing […]